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Technical analysis

XRPUSD analysis: is Ripple ready for another bull run?

Amandeep Sonewane | Feb. 19, 2019
XRPUSD analysis: is Ripple ready for another bull run?

February 19, 2019 AtoZ Markets  - Ripple price surged more than 8% during early hours on Tuesday to trade at $0.3380 at the time of press. The third largest coin with the current market value of $13.4 Billion has gained over 13% since last week with a total volume of over $106.96 Million. 

Ripple price prediction for short term

Looking at the charts, Ripple price surged above $0.3050 against the US Dollar. The price of the coin began an uptrend and broke the $0.3000 and $0.3060 resistance levels. The pair now moved into a bullish zone over the $0.3300 resistance and the 100 hourly simple moving average. Soon, the buyers took control over the $0.3100 level, bringing about increases over the $0.3150 and $0.3200 daily resistance levels. The price of the coin traded near the $0.3328 weekly resistance and another weekly high was formed at $0.3498 level.

Afterward, there was a sharp correction below $0.3260 and $0.3240 levels. The price of the coin tested the $0.3174 pivot points. There is a bullish pattern line formed with a support close to $0.3140 on the hourly chart of the XRPUSD pair.

Moreover, buyers are probably going to hold out close to the $0.3160 and $0.3150 levels. In the event that there are extra decline, the price of the coin might test to the $0.3064 support zone. The main weekly support is close to the $0.3064- $0.291 zone. To the upside, next resistance is at $0.3438 level, above which the price of the coin might accelerate towards $0.3592 resistance level.

To sum it up, Ripple price moved into a bullish zone above $0.3300 levels. In any case, buyers need to ensure decline below $0.3100 level. In the event that they go on short, the price of the coin might move in a bearish zone to $0.3000 level again. As for now, buyers should focus on the $0.3400 and $0.3500 resistance levels as long as the price of the coin is above $0.33 level.

Ripple weekly Pivot Points

Ripple has weekly support near $0.3064 and resistance near $0.3438 levels.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.