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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ripple Price Analysis: XRP/USD Could Gain Momentum Above $0.50

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
Ripple Price Analysis techanalysis XRP

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Key Highlights

  • Ripple price is holding gains above the $0.4700 support level against the US dollar.
  • There is a key bullish trend line formed with support at $0.4800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to accelerate gains once there is a break above the $0.5000 and $0.5180 levels.

Ripple price is trading in a bullish zone against the US Dollar and Bitcoin. XRP/USD remains well supported on the downside near the $0.4800 level.

Ripple Price Analysis

Recently, there was a decent support base formed near the $0.4500 level in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.4800 and $0.5000 resistance levels. There was even a close above the $0.4800 level and the 100 hourly simple moving average. Buyers pushed the price above the $0.5100 level, which is a positive sign. A high was formed at $0.5183 and later the price started a downside correction.

It declined below $0.5000 and the 23.6% Fib retracement level of the last wave from the $0.5480 low to $0.5183 high. However, there are many supports on the downside near the $0.4820 and $0.4800 levels. More importantly, there is a key bullish trend line formed with support at $0.4800 on the hourly chart of the XRP/USD pair. The trend line support is close to the 100 hourly SMA at $0.4760. Besides, the 61.8% Fib retracement level of the last wave from the $0.5480 low to $0.5183 high is near $0.4810. Therefore, as long as the price is above the $0.4800 support and the 100 hourly SMA, there could be more gains in the near term.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price must break the $0.5000 and $0.5120 level to start a fresh bullish wave. The next major resistance is at $0.5250 and $0.5275.

Looking at the technical indicators:

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

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

Major Support Level – $0.4800

Major Resistance Level – $0.5120

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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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