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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Reaches Crucial Juncture: Technicals Suggest Crucial Breakout Pattern

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ripple (XRP)

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Ripple is holding the key $0.2380 support zone against the US Dollar. XRP price must climb above $0.2450 to increase the chances of an upside break above $0.2550.

  • Ripple is likely forming a crucial breakout pattern with support near $0.2380 against the US dollar.
  • The price is now trading near the $0.2420 pivot level and the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.2450 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could either start a strong increase above $0.2450 or nosedive below $0.2380.

Ripple Price is Holding Critical Support

This week, we saw range moves in bitcoin, Ethereum, and ripple. XRP price remained stable above the key $0.2380 support level and it seems to be preparing for the next major break in the coming sessions.

The last swing high was near $0.2550 before the price corrected lower. It broke the $0.2450 support level. There was also a break below the 23.6% Fib retracement level of the key rise from the $0.2195 low to $0.2550 swing high.

However, the price is holding the key $0.2380 support level. It is close to the 50% Fib retracement level of the key rise from the $0.2195 low to $0.2550 swing high.

Ripple Price

Ripple (XRP) price trades below $0.2450. Source: TradingView.com

The price is now trading near the $0.2420 pivot level and the 100 simple moving average (4-hours). The first major resistance is near the $0.2450 level. There is also a significant bearish trend line forming with resistance near $0.2450 on the 4-hours chart of the XRP/USD pair.

If there is an upside break above the trend line resistance, the price could revisit the $0.2550 resistance. A successful close above the $0.2550 resistance could initiate a sustained upward move towards $0.2720 or $0.2750.

Bearish Break in XRP?

If ripple fails to surpass the $0.2450 resistance or the $0.2550 high, it could start a strong decline. The first breakdown support is near the $0.2380 level.

A clear break and close below the $0.2380 support level might push the price towards the $0.2300 support. The next major support zone is near the $0.2200, where the bulls could emerge.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly moving into the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now just above the 50 level.

Major Support Levels – $0.2400, $0.2380 and $0.2300.

Major Resistance Levels – $0.2450, $0.2500 and $0.2550.

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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.

Read more

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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