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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Ripple Price Analysis: XRP/USD Dips Remain Supported Near $0.5550

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis xrp

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Key Highlights

  • Ripple price gained traction and traded above the $0.6000 resistance against the US dollar.
  • There is a key bullish trend line in place with support at $0.5555 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct lower, but dips towards $0.5500 and $0.5400 remains supported.

Ripple price is trading with a bullish angle against the US Dollar and Bitcoin. XRP/USD is likely to resume upsides above $0.6000 after a short-term downside correction.

Ripple Price Analysis

There were decent gains above the $0.5500 support level in Ripple price against the US Dollar. The XRP/USD pair gained traction and moved above the $0.5800 and $0.6000 resistance levels. A fresh weekly high was formed at $0.6194 and the price settled above the 100 hourly simple moving average. Later, there was a downside correction and the price declined below the $0.5800 support.

There was also a break below the 50% fib retracement level of the last wave from the $0.5161 low to $0.619 high. The price traded towards the $0.5500 support where buyers emerged. The 61.8% fib retracement level of the last wave from the $0.5161 low to $0.619 high was tested. Moreover, there is a key bullish trend line in place with support at $0.5555 on the hourly chart of the XRP/USD pair. The pair is currently trading well above the $0.5550 support with a bullish angle. If there is a break above the $0.5850 and $0.5900 levels, there could be more gains. The next target for buyers could be $0.6000 and $0.6150.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price could correct a few points in the short term towards $0.5550. However, buyers are likely to defend any major losses under $0.5450, below which the price may test $0.5200.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has moved slightly below the 50 level.

Major Support Level – $0.5500

Major Resistance Level – $0.5900

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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.

Read more

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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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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