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Ripple Price Technical Analysis – XRP/USD Surges Above Key Resistance

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price started a major upside move from the $0.8850 swing low against the US dollar.
  • There was a break above a key bearish trend line with resistance at $0.9300 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair traded above the $1.000 level before starting a downside correction.

Ripple price traded above key resistance levels against the US Dollar and Bitcoin. XRP/USD is now trading in a bullish zone above the $0.9400 support.

Ripple Price Trend

After a brief consolidation around the $0.9000 level, Ripple price formed a base against the US Dollar. The price started a nice upside move from the $0.8850 swing low and moved above the $0.9200 resistance level. There was also a break above the $0.9400 resistance and a close above the 100 hourly simple moving average. These are positive signs and the price traded above the $1.000 level before starting a downside correction.

More importantly, there was a break above a key bearish trend line with resistance at $0.9300 on the hourly chart of the XRP/USD pair. Later, the pair corrected below the 23.6% Fib retracement level of the last wave from the $0.8858 low to $1.0318 high. However, the $0.9700 level is acting as a support. Furthermore, the 50% Fib retracement level of the last wave from the $0.8858 low to $1.0318 high is at $0.9588 to act a support. Therefore, it seems like there are many supports on the downside near the $0.9500 and $0.9400 levels.

Ripple Price Technical Analysis XRP USD

As long as the price is above $0.9400, it may continue to move higher. On the upside, resistances are seen near the $1.00 and $1.02 levels, followed by the recent high of $1.031.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly reducing its bullish slope.

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

Major Support Level – $0.9400

Major Resistance Level – $1.0200

 

Charts courtesy – Trading View

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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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