Ripple (XRP) Price Rallies 15%: Bulls Now Aim $0.42 or Higher

Aayush Jindal

1 year ago

2 mins read

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Ripple price surged higher and broke the $0.3150 and $0.3300 resistance levels against the US dollar.
The price even broke the $0.3500 resistance and tested the $0.3750 resistance area.
There was a break above a major contracting triangle with resistance at $0.3240 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair traded as high as $0.3778 and it may continue to grind higher towards $0.4000 or $0.4200.

Ripple price rallied significantly above $0.3500 against the US Dollar, plus recovered versus bitcoin. XRP is now well above $0.3500 and it looks set for more gains above $0.4000.

Ripple Price Analysis

After a successful close above $0.3000 and $0.3100, ripple price gained bullish momentum against the US Dollar. The XRP/USD pair rallied significantly above the $0.3500 resistance and gained more than 15%. The bulls took control after there was a close above the $0.3200 level and the 100 hourly simple moving average. Recently, bitcoin price rallied above the $7,800 and $8,000 levels, which helped altcoins such as Ethereum and ripple in moving higher.

During the rise, there was a break above a major contracting triangle with resistance at $0.3240 on the hourly chart of the XRP/USD pair. The pair surged above the key $0.3550 and $0.3600 resistance levels. There was even a spike above the $0.3750 level and the price traded as high as $0.3778. It is currently correcting lower below $0.3700. An immediate support is $0.3640 and the 23.6% Fib retracement level of the recent wave from the $0.3212 swing low to $0.3778 high.

On the downside, there are many supports above the $0.3400 and $0.3450 levels. The 50% Fib retracement level of the recent wave from the $0.3212 swing low to $0.3778 high is also near the $0.3495 level. Therefore, if there is a downside correction, the price may find bids near the $0.3550, $0.3500 or $0.3495 levels. On the upside, the $0.3750 and $0.3800 levels are initial hurdles. A successful break above $0.3800 is likely to set the pace for more upsides above the $0.4000 level in the coming sessions.

Looking at the chart, ripple price clearly started a strong upward move above the $0.3300 and $0.3500 levels. The gates are now open for a push above the main $0.4000 resistance level. If there are further upsides, the price may even test the $0.4200 barrier.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining strong momentum in the bullish zone, with positive signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 75 level, with overbought conditions.

Major Support Levels – $0.3640, $0.3550 and $0.3495.

Major Resistance Levels – $0.3750, $0.3800 and $0.4000.

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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