Ripple Price Analysis: XRP Looks Set To Climb Above $0.3200

Aayush Jindal

1 year ago

2 mins read

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Ripple price has formed a strong support above the $0.3070 level against the US dollar.
The price is facing a couple of strong resistances near the $0.3130 and $0.3160 levels.
There is a key contracting triangle formed with resistance at $0.3130 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to climb above $0.3160 and $0.3200 as long as the $0.3070 support is intact.

Ripple price is positioning for more gains against the US Dollar and bitcoin. XRP/USD is likely to rebound above the $0.3200 pivot level once it clears the $0.3130-0.3140 resistance zone.

Ripple Price Analysis

Recently, there was a steady decline in ripple price below the $0.3070 and $0.3050 supports against the US Dollar. The XRP/USD pair traded close to the $0.3020 support level and later started a fresh rebound. The price corrected above $0.3070 and $0.3100 before sellers appeared near the $0.3165-0.3170 resistance area. A swing high was formed at $0.3167 and finally the price decline below the $0.3130 support. There was a break below the 50% Fib retracement level of the last wave from the $0.3021 low to $0.3167 high.

Besides, there was a break below the $0.3100 support and the 100 hourly simple moving average. However, the $0.3070-0.3080 support area acted as a strong buy zone. More importantly, the 61.8% Fib retracement level of the last wave from the $0.3021 low to $0.3167 high acted as a support. The price is currently moving higher and trading nicely above the $0.3100 level and the 100 hourly SMA. It seems like there is a key contracting triangle formed with resistance at $0.3130 on the hourly chart of the XRP/USD pair.

Therefore, the pair is likely preparing for the next move either above $0.3130 or below the $0.3095 support. On the upside, a break above the $0.3130 resistance may push the price towards the $0.3167 swing high. The next key resistance is near the $0.3200 level, above which there are chances of a push to $0.3225. On the other hand, a downside break below the triangle support at $0.3095 could push the price towards the $0.3070 support area.

Looking at the chart, ripple price is trading with a positive bias above the $0.3070 support. Once there is a clear break above $0.3130 and $0.3140, the chances of more gains are likely to increase. On the downside, the main support area is at $0.3070, followed by $0.3020.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is showing positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher towards the 65 level.

Major Support Levels – $0.3080, $0.3070 and $0.3020.

Major Resistance Levels – $0.3130, $0.3165 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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