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Ripple analysis : $0.3000 could become a reality

By Nathan Batchelor

Ripple analysis indicates that the XRP/USD pair is likely to rally towards the $0.2800 to $0.3000.Gains above the $0.2300 level should be considered bullish.

After spending months trapped in a down trend, Ripple is finally starting to show upside potential.

Ripple technical analysis indicates that the cryptocurrency could rally towards the $0.3000 level over the coming weeks.

Ripple medium-term price trend

Ripple technical analysis shows that the cryptocurrency is technically bearish while trading the $0.2700 level.

A bullish inverted head and shoulders pattern has recently formed on the daily time frame which indicates that buyers may soon be testing the psychological $0.3000 level.

Ripple analysis

If bulls can move the price above its 200-day moving average, around the $0.2700 level, medium-term buyers may start to enter the long XRP/USD trade.

The cryptocurrency has been under pressure since staging a fake breakout above the $0.3000 level in November 2018. Buying XRP/USD over the medium-term has proved costly.

Continued price stabilisation above the $0.2700 level could move Ripple into a new bullish phase, and eventually settle the cryptocurrency back above the $0.3000 level.

Ripple short-term price trend

Ripple price analysis over the short term shows that the cryptocurrency is bullish while price trades above the $0.2000 level.

The cryptocurrency is currently steadying above the neckline of a bearish head and shoulders pattern on the four-hour time frame.

Neckline support comes in around the $0.2300 level. Looking at the size of the pattern, the $0.2800 level is the indicated target.

Ripple analysis

The invalidation of the bullish price pattern would be extremely negative for the XRP/USD pair at this stage.

Short-term support for XRP/USD is found at the $0.2150 and $0.2000 levels.

Ripple technical summary

Ripple analysis suggests that the cryptocurrency is likely to rally towards the $0.2800-$0.3000 area.

Watch out for continued gains above the $0.2300 level.

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