Ripple Price Watch | Investors Need to Monitor Resistance

February 08, 2018 – today’s Ripple price watch.

Key Highlights:

  • Ripple (XRP) held steady, hovering around $0.7300 to $0.7600 throughout most of the day
  • A bullish trend line has formed after holding support at $0.7400
  • A new resistance level is targeted around $0.7650

Ripple Price Trend

Ripple’s price moved steadily for the last two days. As with yesterday, XRP/USD hit the $0.8000 mark once again today, only to drop back down to around $0.7500. Despite some big pullbacks earlier today, two bullish trends were formed during the past few hours. Now, the coin is holding a support at $0.7400.

Source: Tradingview

Investors will need to monitor whether a resistance of about $0.7650 could subsequently hold, especially as Ripple is currently trading below its 20-day moving average. This resistance is pivotal for it to go back to $0.8000.

As for the MACD indicator, a bullish signal was sent in the past 30 minutes, hence further upward movement is expected.

Looking at the Technical Indicators:

  • MACD — the MACD indicator is giving a bullish signal
  • Major Support Level — $0.7400
  • Major Resistance Level — $0.7650

Featured Image: Depositphotos/© Violka08

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.

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