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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Poised for Further Appreciation: BTC, ETH Jumps

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price started a decent upward move and broke the $0.2960 resistance against the US dollar.
  • Both bitcoin and Ethereum recovered and gained more than 2.5%.
  • There is a short term breakout pattern forming with resistance near $0.3085 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue higher and it is likely to test the $0.3175 and $0.3200 resistance levels.

Ripple price starts a decent rebound against the US Dollar, along with bitcoin. XRP is currently trading with a positive bias and looks set to test the $0.3200 barrier.

Ripple Price Analysis

After a major drop, ripple price formed a strong support above the $0.2850 level against the US Dollar. The XRP/USD pair slowly climbed above the $0.2880 and $0.2900 resistance levels. Later, there was a close above the $0.2920 resistance level and the 100 hourly simple moving average. Besides, the price cleared the 61.8% Fib retracement level of the drop from the $0.3082 high to $0.2798 low. It opened the doors for more gains and the price spiked above the $0.3080 level.

A high was formed near the $0.3088 level and the price is currently consolidating gains. Furthermore, there is a short term breakout pattern forming with resistance near $0.3085 on the hourly chart of the XRP/USD pair. Below the triangle support, the 23.6% Fib retracement level of the recent wave from the $0.2836 low to $0.3088 high might act as a support. The next key support is near the $0.2960 level. The 50% Fib retracement level of the recent wave from the $0.2836 low to $0.3088 high is also near the $0.2960 level.

On the upside, a break above the $0.3085 and $0.3100 levels is likely to open the doors for more gains. The next key resistance is near the $0.3160 and $0.3175 levels. Above these, the price is likely to grind further higher towards the $0.3200 resistance level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price clearly climbed higher and it is currently consolidating gains above $0.3000. In the short term, there could be a downside correction towards $0.3000 or $0.2960. There is also a connecting bullish trend line in place with support near the $0.2960 level on the same chart. Therefore, dips remain well supported close to the $0.2960 level. To the topside, the main target for the bulls could be $0.3200 or even the $0.3220 pivot level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 60 and 55 levels.

Major Support Levels – $0.3020, $0.3000 and $0.2960.

Major Resistance Levels – $0.3085, $0.3160 and $0.3175.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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