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February 9: Ripple (XRP) Price Analysis

Ripple (XRP) rose over 10% and broke the $ 0.4500 resistance against the US Dollar.

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February 9: Ripple (XRP) Price Analysis

Ripple (XRP) rose over 10% and broke the $ 0.4500 resistance against the US Dollar. XRP price is showing positive signals and will likely continue to rise towards $ 0.5000 and $ 0.5500. According to the technical analysis of NewsBTC’s Aayush Jindal:

  • Ripple is slowly rising towards the $ 0.5000 resistance zone against the US Dollar.
  • The price is trading well above the $ 0.4500 pivot level and the 100 simple moving average (4-hours).
  • There was a break on a key contracting triangle formation with resistance near $ 0.4350 on the 4-hour chart of the XRP / USD pair (based on Kraken data).
  • As long as the pair fails to stay above $ 0.4200, it could continue to rise to $ 0.5000.

Ripple (XRP) Price Gains A Uptrend

After a small drop, XRP price found strong buying interest near the $ 0.4000 level. The price started a fresh increase and cleared the $ 0.4200 resistance to move into the bullish zone.

There was a break above a critical contracting triangle formation with resistance near $ 0.4350 on the 4-hour chart of the XRP / USD pair. The pair broke through the 23.6% Fib retracement level of the downside move from $ 0.7450 to $ 0.3424.

ripple xrp price analysis February 9

The price is currently trading well above the $ 0.4500 pivot level and the 100 simple moving average (4 hours). An instant resistance on the upside is near the $ 0.5000 level.

The next major resistance is near $ 0.5445. This is near the 50% Fib retracement level of the downtrend from $ 0.7450 to $ 0.3424. Further gains could open the door to an uptrend towards the $ 0.5660 and $ 0.5800 levels. In the stated situation, the price could even climb above the $ 0.6000 level.

Will Ripple (XRP) Fall?

If XRP does not break above the $ 0.5000 resistance, it could experience a short-term downside correction. Initial support on the downside is near the $ 0.4500 level.

The next major support is near the $ 0.4320 level. A downside break below the $ 0.4320 support zone could open the doors for a push towards the $ 0.4200 support. Further losses could push the price into the $ 0.4000 support zone.

Technical Indicators

  • 4-Hour MACD – The MACD for XRP / USD is gaining momentum in the bullish zone.
  • 4-Hour RSI (Relative Strength Index) – The RSI for XRP / USD is currently well above the 50 level.
  • Major Support Levels – $ 0.4500, $ 0.4320 and $ 0.4200
  • Major Resistance Levels – $ 0.5000, 0.5445 and $ 0.6000

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