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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ripple (XRP) Consolidating Gains: Here’s What Could Trigger Another Rally

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

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Ripple extended its upward move towards the $0.2500 resistance against the US Dollar. XRP price is currently consolidating gains above $0.2400 and it might start another increase.

  • Ripple gained bullish momentum above the $0.2400 and $0.2420 resistance levels against the US dollar.
  • The price traded to a new monthly high at $0.2500 and settled well above the 100 hourly SMA.
  • There is a key connecting bullish trend line forming with support near $0.2380 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is consolidating gains and it might start a fresh increase unless it breaks the $0.2300 support.

Ripple Price Holding Gains

Yesterday, we discussed the chances of more upsides in ripple above the $0.2400 resistance. XRP price did gain traction above the $0.2420 resistance and it remained well above the 100 hourly simple moving average.

The upward move was such that the price broke the $0.2450 level and it tested the $0.2500 resistance (as discussed in yesterday’s analysis). Recently, there was a downside correction below the $0.2450 and $0.2420 levels.

The price even traded below the $0.2400 level, but it is finding strong bids near the $0.2380 support. The recent low was formed near $0.2383 and the price is currently consolidating gains. An initial resistance is near the $0.2410 level.

Ripple Price

Ripple price holds $0.2380. Source: TradingView.com

The 23.6% Fib retracement level of the recent decline from the $0.2500 high to $0.2383 low is also near $0.2410. The first major resistance on the upside is near the $0.2440 level since it coincides with the 50% Fib retracement level of the recent decline from the $0.2500 high to $0.2383 low.

It seems like there is a key connecting bullish trend line forming with support near $0.2380 on the hourly chart of the XRP/USD pair. If the pair stays above the trend line, it could start a fresh increase above $0.2440 and $0.2450.

The main hurdle is now near the $0.2500 resistance zone. A successful break above the $0.2500 level may perhaps lead the price towards the $0.2560 and $0.2580 levels in the near term.

Downside Break in XRP

The trend line support holds the key for ripple near $0.2380. If there is a downside break below $0.2380, the price may perhaps extend its decline towards the $0.2320 level.

The main support is near the $0.2300 level (the last breakout zone), below which the bears are likely to aim a larger correction wave towards the $0.2200 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.

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

Major Support Levels – $0.2380, $0.2320 and $0.2300.

Major Resistance Levels – $0.2410, $0.2440 and $0.2500.

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

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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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