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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Hesitates, But Further Gains Above $0.22 Seem Likely

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

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Ripple is facing a couple of hurdles near $0.2220 against the US Dollar. XRP is likely to accelerate higher above $0.2220 unless the bulls lose control and the price drops below $0.2080.

  • Ripple price is currently approaching the $0.2200 and $0.2220 resistance levels against the US dollar.
  • It seems like a strong support base is forming near the $0.2120 and $0.2080 levels.
  • There is a key bearish trend line forming with resistance near $0.2190 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • There could be a sustained upward move if the price clears the $0.2220 resistance zone.

Ripple Price Could Continue Higher

Recently, ripple made an attempt to continue higher above the $0.2220 resistance, but it failed. XRP price formed a high near $0.2224 and recently started a downside correction.

There was a break below the $0.2200 support and the 100 hourly simple moving average. It even traded below the 23.6% Fib retracement level of the upward move from the $0.2074 low to $0.2224 high.

On the downside, the $0.2150 support area is acting as a decent buy zone. It is close to the 50% Fib retracement level of the upward move from the $0.2074 low to $0.2224 high.

Ripple is currently rising and approaching the 100 hourly SMA at $0.2190. More importantly, there is a key bearish trend line forming with resistance near $0.2190 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

If there is an upside break above $0.2190 and $0.2200, the price could make another attempt to surpass the $0.2220 resistance level. If the bulls gain strength above $0.2220, the price is likely to continue higher towards the $0.2320 and $0.2350 resistance levels in the coming sessions.

Another Rejection?

If ripple fails to continue higher above $0.2200 or $0.2220, it could react to the downside. An initial support on the downside is near the $0.2150 level.

The first major support is near the $0.2100 level, below which the $0.2080 support could act as a strong buy zone. If the bears succeed in clearing the $0.2080 support, there is a risk of a drop towards $0.2000.

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 currently well above the 50 level.

Major Support Levels – $0.2150, $0.2100 and $0.2080.

Major Resistance Levels – $0.2200, $0.2220 and $0.2350.

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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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