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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

This Technical Breakout Suggests Ripple (XRP) Could Rally To New 2020 High

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

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Ripple found support near the $0.2460 area and climbed higher against the US Dollar. XRP price surpassed the key $0.2500 resistance to open the doors for more upsides.

  • Ripple price is showing positive signs above $0.2500 and $0.2520 against the US dollar.
  • The price bounced back nicely after testing an important support area near $0.2450-$0.2460.
  • There was a break above a major bullish flag pattern with resistance near $0.2525 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue higher and it could even trade to a new 2020 high above $0.2650.

Ripple Price Signaling Upside Continuation

Recently, ripple traded above the $0.2550 and $0.2600 resistance levels. XRP price even formed a new 2020 high at $0.2614 before correcting lower. It declined below $0.2550 and $0.2500 levels.

However, the $0.2450-$0.2460 area acted as a strong support and the price remained stable above the 100 hourly simple moving average. A low was formed near $0.2466 and recently there was a fresh increase.

It broke the $0.2500 resistance area, plus the 50% Fib retracement level of the recent decline from the $0.2614 high to $0.2466 low. More importantly, there was a break above a major bullish flag pattern with resistance near $0.2525 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

Ripple tested the 76.4% Fib retracement level of the recent decline from the $0.2614 high to $0.2466 low. It is currently trading near the same broken flag resistance area at $0.2520, which is acting as a support.

On the upside, an initial resistance is near the $0.2550 level. If the bulls gain strength above $0.2550, there are high chances of a decent upward move towards the $0.2600 area. Any further gains may perhaps lead the price to a new 2020 high above $0.2620.

Key Buy Zones

If ripple bulls fail to keep the price above the $0.2500 level, there is a risk of a downside extension. An initial support is near the $0.2460 area.

The main support is near the $0.2450 level and the 100 hourly simple moving average. If the price fails to stay above the 100 hourly SMA, the bears are likely to take control and the price might drop below the $0.2400 support in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and about to test the 50 level.

Major Support Levels – $0.2460, $0.2450 and $0.2400.

Major Resistance Levels – $0.2550, $0.2580 and $0.2620.

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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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