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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ripple (XRP) is Following Bullish Trajectory, But Facing Crucial Hurdles

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Ripple is following a bullish path from the $0.2780 pivot zone against the US Dollar. XRP price is currently trading above $0.2850 and facing crucial hurdles near $0.2950.

  • Ripple is trading in a positive zone above the $0.2850 support zone against the US dollar.
  • The price must stay above $0.2850 and the 100 hourly SMA to continue higher.
  • There is a key ascending channel forming with support near $0.2850 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could face a strong resistance near the $0.2920 and $0.2950 levels in the near term.

Ripple Price Stable above 100 Hourly SMA

Yesterday, we saw the start of a decent increase in ripple above the $0.2780 pivot level. XRP price gained bullish momentum above the $0.2850 resistance level and settled above the 100 hourly simple moving average.

It even broke the $0.2900 level, but struggled to gain pace above the $0.2920 resistance. A high is formed near $0.2919 and the price is currently correcting lower. It broke the $0.2900 and $0.2880 levels.

There was also a break below the 23.6% Fib retracement level of the recent increase from the $0.2781 low to $0.2919 high. It is currently approaching the $0.2850 support level and the 100 hourly simple moving average.

Ripple (XRP)

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

More importantly, there is a key ascending channel forming with support near $0.2850 on the hourly chart of the XRP/USD pair. The channel support is close to the 50% Fib retracement level of the recent increase from the $0.2781 low to $0.2919 high.

On the upside, XRP price seems to be facing hurdles near the $0.2920 level. The main hurdle is near the $0.2950 level, above which the bulls are likely to aim a larger upward move towards the $0.3000 barrier in the coming sessions.

Downside Break in XRP?

If ripple struggles to clear above the $0.2920 and $0.2950 resistance levels, there could be a fresh decline. An initial support is near the channel lower trend line at $0.2850.

A clear break below the channel support could push the price back towards the $0.2780 pivot level. Any further losses is likely to call for a new weekly low below $0.2720.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to gain momentum in the bullish zone.

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

Major Support Levels – $0.2850, $0.2780 and $0.2720.

Major Resistance Levels – $0.2920, $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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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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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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