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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price Analysis: XRP Eyeing Upside Break Above $0.37

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

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  • Ripple price tested the key support near $0.3600 and later recovered against the US dollar.
  • There is a crucial breakout pattern forming with resistance at $0.3680 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to make the next move either above $0.3700 or below $0.3580 in the near term.

Ripple price corrected lower towards major supports against the US Dollar and Bitcoin. XRP/USD is now preparing for the next move either above $0.3700 or towards $0.3400.

Ripple Price Analysis

Recently, ripple price corrected lower from the $0.3759 high against the US Dollar. The XRP/USD pair declined below the $0.3700 and $0.3680 support levels. The decline was such that the price moved below the $0.3600 support. However, buyers appeared near the key $0.3580 support and protected more losses. More importantly, the 100 hourly simple moving average, currently at $0.3600 also acted as a support.

The price is currently recovering above the $0.3620 level. It broke the 23.6% Fib retracement level of the recent decline from the $0.3759 high to $0.3580 low. However, there are many resistances near the $0.3670, $0.3680 and $0.3700 levels. The first hurdle is the 50% Fib retracement level of the recent decline from the $0.3759 high to $0.3580 low at $0.3670. The main barrier is a crucial breakout pattern forming with resistance at $0.3680 on the hourly chart of the XRP/USD pair. If there is a proper close above the triangle and the $0.3680 resistance, the price may break the $0.3700 barrier. The last hurdle for buyers is near the $0.3760 level, above which the price could test $0.3800.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is likely to make the next move either above $0.3700 or below $0.3580. If there is a downside break below $0.3580, the price may decline to $0.3500. The next key support below $0.3500 is near the $0.3400 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone, signaling a change in the trend.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed above the 50 level, with a positive angle.

Major Support Level – $0.3580

Major Resistance Level – $0.3680

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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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