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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ripple Price (XRP/USD) Up 3%, Eyes Fresh Break Past $0.50

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

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  • Ripple price found support near the $0.4450 level and recently climbed higher against the US dollar.
  • The price is now trading well above the $0.4600 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $0.4750 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • There were positive moves in bitcoin and Ethereum in the past few hours.

Ripple price is showing a lot of positive signs against the US Dollar, just like bitcoin. XRP price is likely setting up for more gains above the $0.4850 and $0.5000 levels in the near term.

Ripple Price Analysis

After a strong upward move, ripple price corrected sharply below $0.4750 against the US Dollar. The XRP/USD pair even broke the $0.4600 support and traded close to the $0.4450 level. However, the bulls defended the $0.4450 support and the 100 hourly simple moving average. As a result, the price started a fresh increase above the $0.4550 level and the 100 hourly simple moving average.

Moreover, the price broke the 23.6% Fib retracement level of the last slide from the $0.5085 high to $0.4455 low. The price is now trading nicely above the $0.4650 level and is well above the 100 hourly SMA. However, the $0.4750 level is acting as a strong resistance. Besides, there is a key bearish trend line forming with resistance near $0.4750 on the hourly chart of the XRP/USD pair.

The 50% Fib retracement level of the last slide from the $0.5085 high to $0.4455 low is also near the $0.4770 level. Therefore, an upside break above the $0.4750 and $0.4770 levels could set the pace for more gains. In the mentioned case, ripple price might even break past the $0.5000 barrier.

Conversely, if XRP continues to struggle near the $0.4750, it could correct a few points in the near term. An immediate support is near the $0.4650 level, below which the price could test $0.4600. The 100 hourly SMA is also near the $0.4600 level to provide support.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price recovered nicely above the $0.4600 and $0.4650 levels. However, the bulls need to gain traction above $0.4750 to set the pace for more gains. If bitcoin continues to climb higher, there are strong chances that XRP might surge above the $0.4800 and $0.5000 levels in the coming sessions.

Technical Indicators

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

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

Major Support Levels – $0.4650, $0.4600 and $0.4550.

Major Resistance Levels – $0.4750, $0.4770 and $0.4850.

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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

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Created by industry experts and meticulously reviewed
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