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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price Analysis: XRP Signaling Bullish Bias Above $0.3200

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ripple

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  • Ripple price found a strong support near the $0.3000 and $0.3020 levels against the US dollar.
  • Yesterday’s highlighted key declining channel was breached with resistance near the $0.3110 level on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently trading inside a short term triangle with resistance at $0.3155.
  • XRP could make the next move and climb above the $0.3180 and $0.3200 resistance levels.

Ripple price is showing a few positive signs against the US Dollar and bitcoin. XRP/USD recently broke a key resistance and it could continue to rise towards $0.3200 and $0.3250.

Ripple Price Analysis

Yesterday, we saw a nasty decline below the $0.3200 and $0.3150 supports in ripple price against the US Dollar. The XRP/USD pair even spiked below the $0.3000 support and traded as low as   $0.2980. Later, the price started an upside correction and moved above the $0.3050 resistance. There was a break above the 23.6% Fib retracement level of the last slide from the $0.3390 high to $0.2980 swing low.

Later, the price gained traction and broke the $0.3100 resistance and the 100 hourly simple moving average. Moreover, yesterday’s highlighted key declining channel was breached with resistance near the $0.3110 level on the hourly chart of the XRP/USD pair. The pair tested the $0.3150 resistance level and later started trading in a range. At the moment, the pair is trading inside a short term triangle with resistance at $0.3155 on the same chart. Above the triangle, an immediate resistance is near the $0.3185 level. It coincides with the 50% Fib retracement level of the last slide from the $0.3390 high to $0.2980 swing low.

If there is a break above the $0.3185 and $0.3200 resistance levels, the price could continue to move higher. The next key resistance is near the $0.3250 level. An intermediate resistance could be $0.3235 and the 61.8% Fib retracement level of the same wave. On the other hand, if the price fails to climb above $0.3150 and $0.3185, it could decline towards the $0.3050 support. The main support is at $0.3000, below which the price could turn bearish.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently trading in a positive zone above the $0.3050 and $0.3080 supports. Having said that, buyers need to gain pace above $0.3150 and $0.3185 to set the pace for more upsides in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently flat in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD managed to move above the 50 level, with a positive bias.

Major Support Levels – $0.3080, $0.3050 and $0.3020.

Major Resistance Levels – $0.3150, $0.3185 and $0.3200.

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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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