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Ripple (XRP)

Ripple (XRP) Signaling Fresh Surge Similar to Bitcoin and Ethereum

Avatar Aayush Jindal 2 months ago

Ripple is rising steadily from the $0.1680 support area against the US Dollar. XRP price is likely to rally 3%-4%, similar to the recent move in bitcoin and Ethereum.

  • Ripple price is slowly gaining bullish momentum above the $0.1720 level against the US dollar.
  • The bulls are likely aiming an upside break above the $0.1780 and $0.1800 resistance levels.
  • There is a key bearish trend line forming with resistance near $0.1760 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could dip a few points, but it remains well supported near the $0.1720 level.

Ripple Price Could Rally Soon

Recently, there was a strong upward move in bitcoin and Ethereum, but ripple failed to follow in a similar fashion. XRP price traded as low as $0.1680 and climbed back above the 100 hourly simple moving average.

There was a steady rise above the $0.1720 resistance level. The bulls were able to surpass the 50% Fib retracement level of the recent decline from the $0.1784 high to $0.1680 low.

However, the price is still well below the $0.1780 weekly resistance area. There is also a key bearish trend line forming with resistance near $0.1760 on the hourly chart of the XRP/USD pair.

Ripple Price

Ripple Price

Ripple is currently testing the trend line resistance at $0.1760. The 76.4% Fib retracement level of the recent decline from the $0.1784 high to $0.1680 low is also acting as a hurdle.

If there is a clear break above the trend line resistance, the bulls are likely to make another attempt to clear the $0.1780 resistance area. If they succeed, XRP price is likely to surge above the $0.1880 and $0.1920 levels. The next major resistance is near the $0.2000 level.

Downside Correction?

If ripple fails again to climb above the $0.1780 resistance, it could correct lower. An initial support on the downside is near the $0.1720 level and the 100 hourly simple moving average.

A bearish break below the $0.1720 support and the 100 hourly SMA may perhaps push the price below $0.1700. The next major support is near the $0.1680 level, below which the bears are likely to aim a test of the $0.1620 support area in the near term.

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 rising towards the 60 level.

Major Support Levels – $0.1720, $0.1700 and $0.1620.

Major Resistance Levels – $0.1760, $0.1780 and $0.1880.

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Risk disclaimer: 76.4% of retail CFD accounts lose money.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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