May 7, 2019
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Ripple (XRP) Price Recovering Higher Within Range: BTC, ETH Rallies

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  • Ripple price traded to a new weekly low at $0.2918 and recently recovered against the US dollar.
  • The price climbed higher and broke the $0.2985 and $0.3000 resistance levels.
  • There was a break above a key bearish trend line with resistance near $0.2970 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently facing a strong resistance near the $0.3040 and $0.3050 levels.

Ripple price started a decent recovery against the US Dollar after a strong upward move in bitcoin and Ethereum. XRP broke the $0.3000 level and it may move higher towards $0.3100.

Ripple Price Analysis

Yesterday, we saw an increase in bearish pressure ripple price below $0.3020 against the US Dollar. The XRP/USD pair traded below the key $0.3000 support level and even settled below the 100 hourly simple moving average. It opened the doors for more losses and the price even broke the $0.2950 support level. A new weekly low was formed near $0.2918 and recently the price bounced back. The main driving force was bitcoin, trading above the $5,850 resistance level.

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