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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Is Surging: Here’s How It Can Fuel Bitcoin’s Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple-xrp-bitcoin

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Ripple is up more than 10% and it broke the key $0.2000 resistance area against the US Dollar. XRP price is showing positive signs, suggesting a similar breakout in bitcoin above $8,000.

  • Ripple price succeeded in clearing a major resistance near $0.2000 against the US dollar.
  • There was a sharp upward move above the $0.2120 and $0.2150 levels.
  • To start the recent rally, a major contracting triangle with resistance near $0.2020 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair traded to a new monthly high at $0.2185 and it is currently consolidating gains.

Ripple Price Rallies 10%

In the past few days, ripple made a couple of attempts to clear the $0.2000 resistance. XRP price formed a strong support base above $0.1920 and finally managed to surge above the $0.2000 hurdle (as discussed in yesterday’s analysis).

To start the recent rally, a major contracting triangle with resistance near $0.2020 was breached on the hourly chart of the XRP/USD pair. The pair broke many hurdles on the way up, including $0.2120 and settled nicely above the 100 hourly simple moving average.

Ripple Price
Ripple Price

A similar pattern is forming for bitcoin and BTC could surge it is breaks the $8,000 resistance. Ripple traded to a new monthly high at $0.2185 and it is currently consolidating gains.

It is testing the $0.2150 level and the 23.6% Fib retracement level of the recent rally from the $0.2054 swing low to $0.2185 high. The first major support is near the $0.2120 and $0.2110 level.

The 50% Fib retracement level of the recent rally from the $0.2054 swing low to $0.2185 high is also near $0.2119. The main uptrend support is now forming near the $0.2100 level (the recent breakout zone). Any further losses might lead the price back towards the $0.2000 pivot level in the coming sessions.

More Upsides?

Ripple is clearly correcting lower from the $0.2185 high. However, the price remains well supported on the downside near $0.2120.

On the upside, the 0.2175 and $0.2180 levels are initial hurdles. The main resistance is near the $0.2200 level, above which the bulls are likely to aim another 5%-8% rise.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower from the 80 level.

Major Support Levels – $0.2120, $0.2110 and $0.2100.

Major Resistance Levels – $0.2175, $0.2180 and $0.2200.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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