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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Showing Bullish Signs: Look For Break Above $0.44

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

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  • Ripple price started a decent recovery from the $0.3840 support area against the US dollar.
  • The price traded above the $0.4000 resistance and it is currently showing positive signs.
  • There was a break above a connecting bearish trend line with resistance at $0.4010 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently trading above the $0.4150 resistance and it could continue higher in the near term.

Ripple price is showing positive signs against the US Dollar and bitcoin. XRP could continue to climb higher once it clears the key $0.4250 resistance area in the coming sessions.

Ripple Price Analysis

After a strong downward move, ripple price found support near the $0.3840 area against the US Dollar. The XRP/USD pair traded as low as $0.3837 and recently started an upside correction. It recovered above the $0.3950 resistance to move into a short term bullish zone. There was a break above the 23.6% Fib retracement level of the recent drop from the $0.4653 high to $0.3837 low. There was a close above the $0.4000 resistance and the 100 hourly simple moving average.

Moreover, there was a break above a connecting bearish trend line with resistance at $0.4010 on the hourly chart of the XRP/USD pair. The pair is now trading above the $0.4150 resistance and the 100 hourly SMA. On the upside, an immediate resistance is near the $0.4250. The 50% Fib retracement level of the recent drop from the $0.4653 high to $0.3837 low seems to be acting as a strong resistance. If there is an upside break above $0.4250, the price could continue to rise in the near term.

The next key resistance area is near the $0.4340 level. It represents the 61.8% Fib retracement level of the recent drop from the $0.4653 high to $0.3837 low. A successful break above the $0.4340 resistance might start a strong upward move above $0.4400. In the mentioned bullish case, the price could even trade towards the $0.4500 level. On the downside, an initial support is near the $0.4150 level. If there is a downside break below $0.4150, the price might retest the $0.4000 support area.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is showing a lot of positive signs above the $0.4150 level and the 100 hourly SMA. Therefore, there are chances of more upsides above $0.4340 and $0.4400 in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 55 level, with a positive angle.

Major Support Levels – $0.4150, $0.4000 and $0.3950.

Major Resistance Levels – $0.4250, $0.4340 and $0.4400.

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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.

Read more

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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