Ripple Price Analysis: XRP Bulls Target $0.3200 or Higher

Aayush Jindal

1 year ago

2 mins read

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Ripple price is gaining bullish momentum above the $0.3100 and $0.3120 resistances against the US dollar.
The price is placed nicely in a bullish zone, with resistances near $0.3140 and $0.3170.
There is a decent connecting bullish trend line forming with support at $0.3100 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is following a bullish path and there high chances of a run towards $0.3200 and $0.3250.

Ripple price is trading with bullish moves against the US Dollar and bitcoin. XRP is showing positive signs on charts and it could soon climb higher towards $0.3200 or even $0.3250.

Ripple Price Analysis

Yesterday, we saw a downside correction from the $0.3168 swing high in ripple price against the US Dollar. The XRP/USD pair traded below the $0.3100 support and the $0.3080 pivot level. However, the $0.3020 level acted as a strong support along with the 100 hourly simple moving average. A swing low was formed at $0.3070 and later the price bounced back. It broke the $0.3100 resistance and settled well above the 100 hourly simple moving average.

During the recent rise, the price broke a connecting bearish trend line with resistance at $0.3095 on the hourly chart. It opened the doors for more gains above the $0.3110 level. The price cleared the 50% Fib retracement level of the last drop from the $0.3170 swing high to $0.3070 low. Buyers pushed the price above the $0.3120 level. At present, the price is testing the 61.8% Fib retracement level of the last drop from the $0.3170 swing high to $0.3070 low. There is also a short term ascending channel in place with resistance at $0.3140.

Therefore, a successful close above the $0.3140 resistance might push the price towards the $0.3170 swing high. The next stop for buyers could be $0.3200, which is a significant resistance. A clear break above the $0.3200 level may set the pace for a rally towards the $0.3250 level. On the downside, there is a strong support formed near the $0.3100 level. There is also a decent connecting bullish trend line forming with support at $0.3100 on the same chart.

Looking at the chart, ripple price is clearly trading in a bullish zone, with resistances near $0.3140 and $0.3170. It might trade in a range for a few hours, but buyers are likely to push the price above $0.3140 and $0.3170.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed nicely above the 55 level.

Major Support Levels – $0.3110, $0.3100 and $0.3090.

Major Resistance Levels – $0.3140, $0.3170 and $0.3200.

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.

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.
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