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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ripple Price Technical Analysis – XRP/USD Extends Consolidation

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price continues to trade in a range above the $0.1960 support against the US Dollar.
  • Yesterday’s highlighted major channel with current support at $0.1965 is still active on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price remains in a tight range and looking for the next move, probably above $0.2040.

Ripple price is moving inside a range against the US Dollar and Bitcoin. XRP/USD must stay above $0.1960 to gain further traction in the near term.

Ripple Price Range

We saw the start of a consolidation phase in Ripple price below the $0.2050 resistance against the US Dollar. The price remained in the range pattern and was not able to move above the $0.2050 resistance. Moreover, yesterday’s highlighted major channel with current support at $0.1965 is still active on the hourly chart of the XRP/USD pair.

On the upside, the channel resistance is currently at $0.2040. The mentioned $0.2040 also coincides with the 38.2% Fib retracement level of the last leg down from the $0.2165 high to $0.1966 low. A proper close above $0.2040 is required for buyers to gain momentum. The next major resistance is around the 50% Fib retracement level of the last leg down from the $0.2165 high to $0.1966 low at $0.2067. A close above $0.2067 would take the price back towards the last swing high at $0.2165.

Ripple Price Technical Analysis XRP USD

On the downside, an initial support is around $0.2010 and the 100 hourly simple moving average. However, the most important support remains at $0.1960 and $0.1950. As long as XRP is above $0.1960, there are chances of an upside break above $0.2040. Overall, $0.1960 can be considered as a decent buy zone in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is flat with signs of a range pattern.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just around the 50 level.

Major Support Level – $0.1960

Major Resistance Level – $0.2040

 

Charts courtesy – Trading View, Kraken

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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