Ripple Price Analysis – XRP/USD Poised to Gain Above $1.00

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

Ripple price recently corrected lower and found support near the $0.8400 level against the US dollar.
There is a crucial bullish trend line forming with support at $0.9350 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
The pair may continue to rise in the near term and it could gain upside momentum above $1.0000.

Ripple price is slowly moving higher against the US Dollar and Bitcoin. XRP/USD looks set to gain upside momentum once there is a break above the $1.0000 level.

Ripple Price Support

After trading above the $1.1700 level, Ripple price faced sellers and started a downside move against the US Dollar. The price declined and traded below the $1.0000 and $0.9000 support levels. The decline was substantial, but the $0.8400 area managed to act as a strong support. XRP found bids near $0.8400 and $0.8500, and later it started an upside move.

There was a break above a bearish trend line with resistance at $0.9200 on the hourly chart of the XRP/USD pair. The pair also moved above the 23.6% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low. At the moment, the price is trading just around the $1.0000 level and is currently facing resistance. Once there is a break above the $1.0000 level, there could be more gains. An intermediate resistance could be the 50% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low at $1.0076.

On the downside, there is a crucial bullish trend line forming with support at $0.9350 on the same chart. As long as the trend line support and the $0.8400 level is intact, the price remains in an uptrend.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving higher in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.

Major Support Level – $0.9000

Major Resistance Level – $1.0000

Charts courtesy – SimpleFX

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.

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.

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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.

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Comments 1

Citizen123 says:

7 years ago

My frustration with Ripple is that when they announce new partnerships they are usually all under xCurrent which doesn’t use XRP while xRapid does use XRP. I wish they would be more forthcoming in detailing exactly what protocol each new partnership agreement is signing up to use.

Reply

Comments 1

Citizen123 says:

7 years ago

My frustration with Ripple is that when they announce new partnerships they are usually all under xCurrent which doesn’t use XRP while xRapid does use XRP. I wish they would be more forthcoming in detailing exactly what protocol each new partnership agreement is signing up to use.

Reply