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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Technicals Indicate Ripple (XRP) is About To See Lift-off To $0.30

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

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Ripple started a steady recovery above the $0.2800 level against the US Dollar. XRP price is likely to continue higher towards the $0.2950 and $0.3000 resistance levels.

  • Ripple remained stable above $0.2720 and recovered above $0.2800 against the US dollar.
  • The price is currently trading above the $0.2840 level and the 100 hourly SMA.
  • There is a rising channel forming with support near $0.2820 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to recover towards $0.3000 as long as it is above $0.2780.

Ripple Price is Recovering Higher

After trading as low as $0.2732, ripple started a steady recovery. XRP price climbed above $0.2780 and $0.2800 to move into a positive zone and start a decent recovery wave.

There was also a break above a connecting bearish trend line with resistance near $0.2840 on the hourly chart of the XRP/USD pair. The pair is now trading above the $0.2850 level, the 100 hourly simple moving average, and the 50% Fib retracement level of the downward move from the $0.2958 high to $0.2732 low.

An immediate resistance on the upside is near the $0.2870 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.2958 high to $0.2732 low.

Ripple Price

Ripple price trades above $0.2850. Source: TradingView.com

More importantly, the price seems to be following a rising channel with support near $0.2820 on the same chart. The channel resistance is near the $0.2905 level, above which the price might test the $0.2950 resistance zone in the near term.

Any further gains will most likely initiate a push towards the $0.3000 and $0.3020 resistance levels. The next stop for the bulls could be near the $0.3055 pivot level.

Downside Break in XRP?

If ripple struggles to climb above the $0.2905 and $0.2950 resistance levels, there could be a bearish reaction. An initial support is near the $0.2820 level and the channel lower trend line.

If there is a downside break below the channel support, the price could retest $0.2780. Any further losses might start another bearish wave and the price could even decline below the $0.2720 support level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining strength in the bullish zone.

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

Major Support Levels – $0.2820, $0.2780 and $0.2720.

Major Resistance Levels – $0.2905, $0.2950 and $0.3000.

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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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