Ripple (XRP) Just Reversed and $0.25 Is Imminent, Here’s Why

Aayush Jindal

1 year ago

2 mins read

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Ripple tested the key $0.2240 support area and recovered against the US Dollar, similar to bitcoin. XRP price is showing positive signs and it could rally to $0.2550 if it breaks $0.2420.

Ripple price is recovering nicely from the $0.2240 support area against the US dollar.
A key inverse head and shoulders is likely forming with support near $0.2320.
There is a major bearish trend line forming with resistance near $0.2415 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another rally towards $0.2550 if it clears the $0.2420 resistance.

Ripple Price Eyeing Bullish Break

Recently, we saw a downside extension in ripple below the $0.2320 support area against the US Dollar. XRP price declined below the $0.2280 support and settled below the 100 hourly simple moving average.

Finally, the price tested the $0.2240 support area, where the bulls emerged. A swing low was formed near $0.2236 and the price started a strong recovery. It broke the $0.2300 resistance area and the 100 hourly SMA.

Besides, there was a break above the 23.6% Fib retracement level of the recent drop from the $0.2540 high to $0.2236 low. More importantly, there is a key inverse head and shoulders likely forming with support near $0.2320.

Ripple already surpassed the neckline resistance near the $0.2350 resistance area. However, there is a major bearish trend line forming with resistance near $0.2415 on the hourly chart of the XRP/USD pair.

The 50% Fib retracement level of the recent drop from the $0.2540 high to $0.2236 low is also near $0.2388. Therefore, a clear break above the $0.2420 resistance area could start a strong rise.

The next major resistance is near the $0.2500 area, above which ripple could even attempt a break above the $0.2540 high in the coming sessions. Any further gains could lead the price towards $0.2620.

Here Is A Bearish Case For XRP

As mentioned XRP needs to surpass the $0.2420 resistance to continue higher. If it fails to clear $0.2420, there are chances of a fresh decline below the $0.2350 level in the near term.

The first major support is near the $0.2300 level, below which ripple may perhaps decline towards the key $0.2240 support area in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising and it is now well above the 50 level.

Major Support Levels – $0.2350, $0.2300 and $0.2240.

Major Resistance Levels – $0.2415, $0.2420 and $0.2500.

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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