Ripple Price Analysis: XRP’s Rally Runs Into Resistance But More Gains Likely

Aayush Jindal

1 year ago

2 mins read

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Ripple price rallied sharply above $0.3200 against the US dollar after the Coinbase listing announcement.
The price traded above the $0.3220 and $0.3300 resistance levels before it faced sellers near $0.3400.
There is a crucial connecting bearish trend line formed with resistance at $0.3360 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair may correct a few points, but dips remain supported above $0.3200.

Ripple price climbed higher sharply against the US Dollar and bitcoin after the positive news of Coinbase listing. XRP/USD tested the $0.3400 resistance and it remains supported for more gains.

Ripple Price Analysis

Recently, we saw a sharp decline in ripple price below the $0.3200 support area against the US Dollar. The XRP/USD pair broke key supports and moved into a bearish zone similar to Ethereum and bitcoin. It even traded below the $0.3000 support before buyers appeared near $0.2960. Later, the price started trading in a range above $0.2980 for the next break. Finally, there was a solid bullish wave the Coinbase listing announcement. Buyers gained paced and broke many key resistances such as $0.3100, $0.3140, $0.3200 and $0.3220.

There was a close above the $0.3200 level and the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the last drop from the $0.3420 high to $0.2940 low was breached. The price even broke the $0.3350 resistance and traded close to the $0.3400 resistance. However, there was no follow through above the $0.3385 level and the price failed to test the last high near $0.3420. An intraday high was formed at $0.3388 and the price later corrected lower.

It dipped below the 23.6% Fib retracement level of the recent wave from the $0.2961 low to $0.3388 high. However, there are many supports on the downside near the $0.3220 and $0.3200 level. The 50% Fib retracement level of the recent wave from the $0.2961 low to $0.3388 high is also near the $0.3175 level. Therefore, it seems like dips remain supported above $0.3175 in the near term. On the upside, there is a crucial connecting bearish trend line formed with resistance at $0.3360 on the hourly chart of the XRP/USD pair.

Looking at the chart, ripple price may continue to struggle near the trend line and $0.3400. If there is a successful daily close above $0.3400, it is likely to trigger more gains above the $0.3450 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD could move back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed well above the 60 and 65 levels.

Major Support Levels – $0.3220, $0.3200 and $0.3175.

Major Resistance Levels – $0.3350, $0.3400 and $0.3420.

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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