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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

This Scenario Will Trigger A New Ripple Rally: Key Levels To Watch

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Rally XRP

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Ripple corrected lower sharply from $0.2450, but it found support near $0.2200 against the US Dollar, similar to bitcoin near $8,500. XRP price is recovering, but it must surpass $0.2360 for a fresh rally.

  • Ripple price is showing positive signs above the $0.2250 and $0.2280 support levels against the US dollar.
  • The price is facing hurdles near the $0.2350 and $0.2360 levels.
  • There is a new contracting triangle forming with resistance near $0.2360 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must climb above $0.2360 to start a fresh rally towards $0.2450 or $0.2500.

Ripple Price Approaching Resistance

Recently, we saw a downside correction in ripple from the $0.2450 resistance area against the US Dollar. XRP price broke the $0.2350 and $0.2320 support levels and even spiked below $0.2300.

However, the bulls were able to protect the $0.2220 support level and the 100 hourly simple moving average. A low is formed near $0.2220 and the price recently started a decent upward move.

It broke the 23.6% Fib retracement level of the recent decline from the $0.2423 high to $0.2220 low. On the upside, there are a couple of key resistances near the $0.2350 and $0.2360 levels.

Besides, the 50% Fib retracement level of the recent decline from the $0.2423 high to $0.2220 low is near $0.2322. More importantly, there is a new contracting triangle forming with resistance near $0.2360 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

Therefore, ripple price must surpass the $0.2350 and $0.2360 resistance levels to start a fresh rally. If there is a successful close above $0.2360, the bulls are likely to aim a test of the $0.2450 resistance.

Any further gains could lead the price towards the $0.2480 and $0.2500 resistance levels in the coming sessions.

What If XRP Fails to Break Higher?

If XRP price fails to climb above the $0.2350 and $0.2360 resistance levels, it could resume its slide. An initial support is near the triangle lower trend line at $0.2280. The first key support is near the $0.2250 level and the 100 hourly SMA.

The main support for ripple is near the $0.2220 level, below which there is a risk of a sharp decline below $0.2200 in the near term. The next major support is at $0.2080.

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 rising towards the 60 level.

Major Support Levels – $0.2350, $0.2360 and $0.2400.

Major Resistance Levels – $0.2280, $0.2250 and $0.2220.

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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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