RATE Group | Ripple Price (XRP) Showing Recovery Signs, Bitcoin Back Above $10.2K
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Ripple Price (XRP) Showing Recovery Signs, Bitcoin Back Above $10.2K

16 Aug Ripple Price (XRP) Showing Recovery Signs, Bitcoin Back Above $10.2K

Posted at 04:42h in Bitcoin News by

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  • Ripple price trimmed losses after it traded as low as $0.2336 against the US dollar.
  • The price is currently trading above the $0.2500 pivot level with a few positive signs.
  • A major contracting triangle pattern is forming with resistance near $0.2670 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to recover towards the $0.2800 resistance as long as it is above the $0.2500 support.

Ripple price is showing signs of a decent recovery against the US Dollar, while bitcoin recovered 3%. XRP price must stay above the $0.2500 support area to continue its upside.

Ripple Price Analysis

Yesterday, there was a strong decline in Ethereum, bitcoin and ripple price against the US Dollar. The XRP/USD pair declined sharply below the $0.2800 and $0.2500 support levels. Finally, the price settled below the 100 hourly simple moving average and a swing low was formed at $0.2336. Recently, the price started a decent recovery and climbed above the $0.2400 and $0.2500…

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