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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Daily Close Above $0.20 Would Make Case for Larger Rally

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

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Ripple started a downside correction from the $0.2050 resistance against the US Dollar. XRP price tested the $0.1900 support area and it is currently rising towards $0.2000.

  • Ripple price is trading nicely above the $0.1880 and $0.1900 support levels against the US dollar.
  • A successful daily close above the $0.2000 barrier could start a larger rally.
  • There is a key bearish trend line forming with resistance near $0.2000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to rise as long as it is above the $0.1880 support and pivot area.

Ripple Price Remains in The Green Zone

Yesterday, there was a strong rise in ripple above the $0.1880 and $0.1950 resistance levels. XRP even broke the key $0.2000 resistance area, but it failed to settle above the $0.2025 resistance area.

There were two attempts by the bulls to clear the $0.2050 barrier, but they failed. As a result, there was a downside correction from the $0.2055 swing high. The price traded below the $0.2000 support area, but it remained well above the 100 hourly simple moving average.

There was a break below the 23.6% Fib retracement level of the upward move from the $0.1765 swing low to $0.2055 monthly high. However, the $0.1900 support area acted as a strong buy zone for the bulls.

The 50% Fib retracement level of the upward move from the $0.1765 swing low to $0.2055 monthly high also provided support. Ripple is now rising again and trading above the $0.1950 level.

On the upside, there is a major hurdle forming near the $0.2000 level. There is also a key bearish trend line forming with resistance near $0.2000 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

A successful daily close above the $0.2000 barrier could start a larger rally. The next hurdle is near $0.2050, above which the bulls are likely to aim $0.2120 and $0.2150.

Dips Remain Supported

If ripple struggles to continue above the $0.2000 resistance, it could correct lower. An initial support is near the $0.1920 level. The main support zone is near the $0.1900 and $0.1880 levels.

The 100 hourly SMA is also near the $0.1880 level to provide support. If there is a daily close below the $0.1880 support, the price could extend its decline in the near term.

Technical Indicators

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

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

Major Support Levels – $0.1920, $0.1900 and $0.1880.

Major Resistance Levels – $0.2000, $0.2025 and $0.2050.

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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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