- XRP/USD Trading pair faces a major price hurdle; failure to overcome might attract a bearish trendline.
- XRP/USD closed the week in style after gaining over 0.33%, a bullish trendline that saw a gain of 1.79%.
- XRP began the 24-hour chart at $0.461678 against the US dollar after $0.472746 ATH in the early trading hours.
XRP/USD price analysis: General price overview
Ripple (XRP) is at $0.465187 and has its major support at $0.4590 on the 24-hour trading chart. The XRP/USD pair is facing a key price hurdle near $0.47 and the bulls need to remain intact and sustain the pair above the 38.2 Fibonacci retracement level.
If the coin does not maintain its position above $0.4639 on the daily chart, a downswing is imminent; which might pull the price further down below $0.42.
XRP/USD closed the weekend in style after gaining over 0.33% by the end of March 7. This was a continuation of Saturday’s bullish trendline that saw the coin attain a percentage gain of 1.79. The coin opened the daily 24-hour trade chart at $0.46613. Giving further proof that the coin was at the center of a resistance breakout.
This is because despite undergoing slight gains, XRP still lies within a bearish triangle. Several resistances have rejected its weekend trendline. As a result, the XRP 24-hour chart indicates few instances of a head and shoulder pattern. Nonetheless, the bulls are anticipating a breakout above $0.47 and $0.48; to sustain the price strongly against Pipple’s quick buy and dump trading strategies.
XRP/USD price movement in the past 24-hours
I mentioned that XRP began the 24-hour chart at $0.461678 against the US dollar. The coin kicked off with a sharp bullish pattern that saw it set a daily high of $0.472746 during the early hours of trading.
Price movements across the daily chart indicate a percentage gain of 0.04% and a swing low of $0.457004.
Other indicators include the 23.6% Fibonacci retracement level which is at $0.5320 and the 62% Fibonacci extension level at $0.3521.
The daily chart indicates a pivot level of $0.4639 and a key resistance zone near $0.4707.
XRP/USD pair 4-hour chart
Ripple (XRP) was up for a greenish candlestick pattern before being rejected by key resistance at $0.4729. As a result, the coin reversed towards $0.4570. The good news is the bulls are holding on towards their target of $0.47. During press time, XRP is trading at $0.46. The bears are injecting massive selling pressure to see the coin hit below the 12-hour support of $0.4590.
XRP/USD price prediction
The coin has to remain intact around the pivot level of $0.4639 in the hours ahead. Bulls are aiming for $0.47 and the bears would do anything to create another price hurdle near the 38.2% Fibonacci retracement level.
The bulls are also rooting for support from the wider market to sustain the coin’s price above the past few price hurdles.
After a long 2021 Q1 battling a lawsuit with the Securities and Exchanges Commission, Ripple has some good news for the bulls.
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