Ripple Price (XRP) Showing Recovery Signs, Bitcoin Back Above $10.2K
- 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 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 , 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 levels.
Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $0.3088 swing high to $0.2336 swing low.