Ripple Price Analysis: XRP Turned Buy On Dips After Upside Break

Aayush Jindal

1 year ago

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ripple price rallied recently and broke many key resistances near $0.3080 against the US dollar.
The price even settled above the $0.3100 resistance and the 100 hourly simple moving average.
Yesterday’s highlighted key bearish trend line was breached with resistance at $0.3085 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair rallied towards the $0.3250 resistance level and later corrected lower sharply.

Ripple price moved nicely into a bullish zone against the US Dollar and bitcoin. XRP/USD is trading above the $0.3100 support and it could resume its upward move in the near term.

Ripple Price Analysis

Recently, we saw a steady decline in ripple price from the $0.3150 swing high against the US Dollar. The XRP/USD pair traded below the $0.3100 and $0.3080 support levels. However, the $0.3040 support area acted as a strong support. The price started a solid upward move and broke the $0.3060 and $0.3080 resistance levels to move into a positive zone. There was a break above the 61.8% Fib retracement level of the last decline from the $0.3135 high to $0.3045 low.

More importantly, yesterday’s highlighted key bearish trend line was breached with resistance at $0.3085 on the hourly chart of the XRP/USD pair. It opened the doors for more gains and the price rallied above the $0.3100 resistance and the 100 hourly simple moving average. The upward move was strong as the price climbed above the $0.3150 and $0.3200 resistance levels. It traded towards the $0.3250 resistance level and later corrected lower sharply. It declined below the $0.3200 level and the 50% Fib retracement level of the recent rally from the $0.3060 low to $0.3245 high.

However, the previous key resistance near the $0.3100 level is acting as a strong support. Besides, the 76.4% Fib retracement level of the recent rally from the $0.3060 low to $0.3245 high is also near $0.3100. Furthermore, the 100 hourly SMA is also near the $0.3100 level. Therefore, as long as the price is above $0.3100, it could bounce back in the near term.

Looking at the chart, ripple price clearly jumped into a positive zone above $0.3100. Having said that, it was rejected above the $0.3200 level. In the short term, there could be a few bearish moves, but the price is likely to climb above $0.3150 and $0.3180. A close above $0.3200 is needed for an upside acceleration.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is likely to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD corrected lower recently, but it is still above the 50 level.

Major Support Levels – $0.3100, $0.3080 and $0.3065.

Major Resistance Levels – $0.3150, $0.3180 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.
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.