Ripple (XRP) Price Climbs Above $0.30, BTC & ETH Gaining Traction

Aayush Jindal

1 year ago

2 mins read

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Ripple price is gaining momentum and it recently climbed above $0.3000 against the US dollar.
The price traded towards the $0.3050 resistance area and it is currently correcting lower.
Yesterday’s highlighted key bearish trend line was breached with resistance near $0.2940 on the hourly chart of the XRP/USD pair (data source from Kraken).
There was a decent rise in Ethereum price above the $185 resistance area.

Ripple price is back in a positive zone with bullish moves against the US Dollar and bitcoin. XRP price is likely to continue higher towards the $0.3120 level.

Ripple Price Analysis

Yesterday, we discussed the importance of the $0.2880 support for ripple against the US Dollar. XRP price remained stable above the $0.2880 support and recently started a strong upward move.

There was a break above the $0.2940 and $0.2950 resistance levels. Moreover, the price settled above the $0.2950 resistance area and the 100 hourly simple moving average.

More importantly, yesterday’s highlighted key bearish trend line was breached with resistance near $0.2940 on the hourly chart of the XRP/USD pair. It opened the doors for more gains above the $0.2980 and $0.3000 resistance levels.

Finally, the price tested the $0.3060 resistance area and a high was formed near $0.3056. At the outset, ripple price is correcting lower below $0.3020. It traded below the 23.6% Fib retracement level of the recent wave from the $0.2890 low to $0.3056 high.

However, there are many key supports on the downside near the $0.2980 and $0.2975 levels. Besides, the 50% Fib retracement level of the recent wave from the $0.2890 low to $0.3056 high is likely to provide support near the $0.2975 level.

If there is a downside break below the $0.2975 support area, ripple could extend its decline towards the $0.2950 support. The stated $0.2950 area was a resistance earlier and now it is likely to provide support.

On the upside, an initial hurdle for the bulls is near the $0.3060 area. If there is an upside break above the $0.3060 level, the price is likely to climb higher towards the $0.3120 and $0.3150 resistance levels.

Looking at the chart, ripple price is showing a lot of positive signs above the $0.2950 and $0.2980 support levels. As long it does not decline below $0.2950, there are high chances of more gains above the $0.3060 resistance in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 60 level, with bullish signs.

Major Support Levels – $0.2980, $0.2950 and $0.2940.

Major Resistance Levels – $0.3060, $0.3120 and $0.3150.

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.

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.
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