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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price (XRP) Could Climb Higher, Bitcoin Breaks $10,500

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

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  • Ripple price recovered steadily after trading below the $0.2900 support level against the US dollar.
  • The price climbed higher and broke the key $0.3000 and $0.3200 resistance levels.
  • It seems like an ascending channel is forming with support at $0.3150 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely to break the $0.3280 resistance and trade above the $0.3320 level in the near term.

Ripple price is showing a lot of positive signs above $0.3200 against the US Dollar since bitcoin rallied 10%. XRP price could continue to rise if its breaks $0.3280 and $0.3300.

Ripple Price Analysis

Recently, we saw a major downward move in ripple price below the $0.3000 support against the US Dollar. The XRP/USD pair even broke the $0.2900 support and tested the $0.2850 support area. A new monthly low was formed near $0.2833 and the price recently started an upside correction. There was a break above the $0.3000 and $0.3100 resistance levels.

Moreover, the price settled above the $0.3100 level and the 100 hourly simple moving average. The bulls gained traction and the price even broke the $0.3200 resistance. Finally, the price spiked above the $0.3240 resistance and traded towards the $0.3280 level. A swing high was formed at $0.3274 and the price is currently correcting lower. It broke the $0.3240 level plus the 23.6% Fib retracement level of the recent wave from the $0.0.3041 low to $0.3274 high.

However, there are many supports on the downside near $0.3200 and $0.3150. There is also an ascending channel forming with support at $0.3150 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent wave from the $0.0.3041 low to $0.3274 high is also near the channel support to act as a strong support in the near term.

If there is a downside break below the channel support, the price may move back towards the $0.3040 level. However, the 100 hourly SMA at $0.3090 might protect losses. On the upside, an immediate resistance is near the $0.3275 and $0.3280 levels, above which the price is likely to surge above the $0.3300 level in the near term.

Ripple Price Analysis XRP USD

Looking at the chart, ripple price is trading with a positive bias above the $0.3150 and $0.3040 support levels. Therefore, there are chances of more gains above the $0.3280 and $0.3300 resistance levels.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level, with a bearish angle.

Major Support Levels – $0.3150, $0.3090 and $0.3040.

Major Resistance Levels – $0.3280, $0.3300 and $0.3320.

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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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