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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price and Time: Another Key Breakout Is Looming

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

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Ripple is trading nicely above the $0.1200 and $0.1300 support levels against the US Dollar. XRP price seems to be preparing for the next key break above the $0.1600 resistance area.

  • Ripple price is currently recovering from the $0.1279 weekly low against the US dollar.
  • It is trading above the $0.1400 resistance area, but it is facing a couple of key hurdles.
  • There is a key bearish trend line forming with resistance near $0.1600 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price start a strong upward move if it successfully clears the $0.1600 and $0.1700 resistance levels.

Ripple Price Approaching Hurdles

Yesterday, we saw a fresh decline in ripple from the $0.1645 high. XRP price broke a few supports near the $0.1500 and settled well below the 100 hourly simple moving average.

The decline was such that the price traded below the $0.1320 support level. A new weekly low is formed near the $0.1279 and the price is currently correcting higher.

It surpassed the $0.1320 resistance level and climbed nicely above the 50% Fib retracement level of the recent decline from the $0.1645 high to $0.1279 low. However, the $0.1500 level seems to be acting as a resistance along with the 100 hourly simple moving average.

Ripple is also facing hurdles near the 61.8% Fib retracement level of the recent decline from the $0.1645 high to $0.1279 low. The main resistance on the upside is near the $0.1600 level.

There is also a key bearish trend line forming with resistance near $0.1600 on the hourly chart of the XRP/USD pair. To start a strong upward move, the price must overtake the $0.1600 and $0.1650 resistance levels.

Ripple Price
Ripple Price

The main hurdle is near the $0.1700 level, above which the bulls are likely to take control. The next stop for them could be the $0.1980 level in the near term.

Fresh Decrease?

If ripple fails to continue above the $0.1600 resistance area, it could start another decrease. An initial support is near the $0.1435 level and a connecting bullish trend line on the same chart.

A successful break below the $0.1435 and $0.1400 support levels might start another decrease in the coming sessions. The next major support is near the $0.1320 level, below which the bears are likely to aim a test of the $0.1200 support.

Technical Indicators

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

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

Major Support Levels – $0.1435, $0.1400 and $0.1320.

Major Resistance Levels – $0.1600, $0.1620 and $0.1650.

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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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Reason to trust

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