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Breaking News: Binance Founder Suggests President Trump Could Be Satoshi Nakamoto In Latest Statement

Ripple (XRP) Price Could Bounce Back Towards $0.3100

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

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  • Ripple price is holding the main $0.2950 support area against the US dollar.
  • The price is likely to recover in the near term and it could trade towards $0.3080 or $0.3100.
  • There is a declining channel in place with resistance near $0.3010 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to climb higher as long as it is above the $0.2950 support area.

Ripple price is currently trading in a range against the US Dollar, but lost ground vs bitcoin. XRP might start a strong upward move if it clears $0.3020 and $0.3040.

Ripple Price Analysis

In the past two days, there was a steady decline in ripple price from the $0.3089 swing high against the US Dollar. The XRP/USD pair broke the $0.3040 and $0.3000 support levels. It even broke the $0.2980 level and tested the next key support near $0.2950, where buyers emerged. The 50% Fib retracement level of the upward move from the $0.2834 low to $0.3089 high also acted as a support. As a result, there were a couple of swing moves and the price remained above the $0.2950 support.

On the upside, an initial resistance is near $0.2985, and the 23.6% Fib retracement level of the recent decline from the $0.3089 high to $0.2951 low. However, the main resistance is near the $0.3000 and $0.3010 levels. There is also a declining channel in place with resistance near $0.3010 on the hourly chart of the XRP/USD pair. Above the channel resistance, the $0.3020 level could prevent gains. It represents the 50% Fib retracement level of the recent decline from the $0.3089 high to $0.2951 low.

If there is a successful close above $0.3000 and $0.3020, the price could start a strong upward move. The next resistance is near $0.3040, above which the price may revisit the $0.3089 swing high. On the downside, the $0.2950 support holds the key. If there is a bearish break below $0.2950, the price may perhaps decline sharply towards $0.2900 or $0.2880.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is likely to grind higher considering the current market sentiment for bitcoin. A few other altcoins are gaining momentum, therefore, XRP price might also start a decent upward move. Having said that, the bulls need to pierce the $0.3020 resistance with a follow through above $0.3040 to challenge the $0.3100 or $0.3120 level.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level, with a minor bearish angle.

Major Support Levels – $0.2960, $0.2950 and $0.2910.

Major Resistance Levels – $0.3000, $0.3020 and $0.3040.

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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

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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