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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Retreats From Key Resistance But Bulls Are Comfortable

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

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Ripple is up close to 10% and it broke the $0.2000 resistance against the US Dollar. However, XRP price struggled to gain strength above $0.2025 and it is currently correcting gains.

  • Ripple price is showing a lot of positive signs and it rallied above the $0.1880 resistance against the US dollar.
  • There was a sharp rally above the $0.2000 barrier, but the bulls failed to remain in action above $0.2025.
  • There is a key bullish trend line forming with support near $0.1940 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to find a decent buying interest near the $0.1940 and $0.1910 support levels.

Ripple Price Rallies 10%

In the past three sessions, there was a sharp increase in bitcoin, Ethereum, and ripple above key hurdles. XRP gained traction and rallied above the $0.1850 and $0.1880 resistance levels.

There was a successful close above the $0.1880 barrier and the 100 hourly simple moving average. The bulls were able to lead the price above the $0.2000 resistance area.

Finally, there was a spike above the $0.2040 level, but the price failed to remain above the key $0.2025 pivot zone. A new monthly high is formed near $0.2055 and the price is currently correcting lower.

Ripple price traded below the $0.2000 support. There was a break below the 23.6% Fib retracement level of the recent surge from the $0.1763 low to $0.2055 high. On the downside, an initial support is near the $0.1960 level.

There is also a key bullish trend line forming with support near $0.1940 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent surge from the $0.1763 low to $0.2055 high is the next key support near the $0.1910 level.

Ripple Price
Ripple Price

Therefore, dips from the current levels could find a strong buying interest near the $0.1940 and $0.1910 levels. Any further losses may perhaps call for a test of the $0.1880 pivot level.

Fresh Rally

If ripple remains stable above the $0.1940 and $0.1910 support levels, it could start another increase in the coming sessions. An initial resistance is near the $0.2000 level.

The main hurdle is near the $0.2025 level, above which the bulls are likely to aim a break above the $0.2055 and $0.2065 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly reducing its current bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower from well above the 70 level.

Major Support Levels – $0.1960, $0.1940 and $0.1910.

Major Resistance Levels – $0.2000, $0.2025 and $0.2055.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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