Short-term analysis in XRP/USD

03.03.2021 19:27 (UTC +0)

XRP/USD is trading around $0.44. Price remains below the major long-term resistance area of $0.62-$0.75 where a double top formation was created. However in the nearer term, price has potential to push towards $0.51.


Red rectangles -resistance areas

Green lines - size of upward move if short-term resistance is broken

XRP/USD has short-term resistance at $0.45-$0.4550. If this resistance level is broken I expect Ripple to rise at least towards $0.51. Inability to break above the short-term resistance might lead to a rejection and move lower towards $0.35. Short-term support is found at $0.4195-$0.42. Breaking below this level the chances for a move towards $0.38-40.35 will increase. As long as price is below $0.45 Ripple is vulnerable to more downside.

Performed by Alexandros Yfantis, Analytical expert

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