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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price Analysis: XRP’s Trend Overwhelmingly Bullish Above $0.3200

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

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  • Ripple price rallied recently and broke the $0.3000, $0.3150 and $0.3250 resistances against the US dollar.
  • There was a break above two bearish trend lines with resistance near $0.2920 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair traded above the $0.3320 level and it is currently correcting gains towards the $0.3210 support.

Ripple price jumped back sharply in the bullish zone against the US Dollar and Bitcoin. XRP/USD is trading with a positive bias and dips remain supported near $0.3200.

Ripple Price Analysis

After forming a solid support base near $0.2800, ripple price started a strong recovery against the US Dollar. The XRP/USD pair rallied and broke many important resistances such as $0.3000 and $0.3150. Buyers were able to clear the 61.8% Fib retracement level of the slide from the $0.3175 high to $0.2776 low. It opened the doors for more gains and the price settled above $0.3150 plus the 100 hourly simple moving average.

More importantly, there was a break above two bearish trend lines with resistance near $0.2920 on the hourly chart of the XRP/USD pair. The pair surpassed the $0.3200 and $0.3250 resistance levels to move into a positive zone. The recent price action was positive above $0.3300 and the price formed a new weekly high at $0.3338. It is currently correcting lower towards the $0.3240 and $0.3210 supports. The 23.6% Fib retracement level of the recent wave from the $0.2827 low to $0.3338 high is near $0.3215 to act as a support. Moreover, there is a connecting bullish trend line in place with support at $0.3210 on the same chart.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is placed nicely in an uptrend above the $0.3200 and $0.3210 support levels. There could be a short term downside correction, but the price remains supported above $0.3150. On the upside, the key resistances are $0.3320, $0.3350 and $0.3420 in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD has reduced most of its bullish slope, signaling a downside correction.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards the 70 level.

Major Support Level – $0.3210

Major Resistance Level – $0.3320

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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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Reason to trust

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Created by industry experts and meticulously reviewed
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