Ripple Price Analysis: XRP/USD Rally Looks Real, Next Target $0.52

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

Ripple price rallied sharply and broke the $0.4000 and $0.4600 resistances against the US dollar.
There was a break above a key contracting triangle with resistance at $0.3350 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently consolidating gains above the $0.4400 and $0.4200 support levels with positive signs.

Ripple price rocketed past many hurdles against the US Dollar and Bitcoin. XRP/USD is in a clear uptrend above the $0.4000 pivot level.

Ripple Price Analysis

The past few sessions were very bullish for Ripple price from the $0.2650 swing low against the US Dollar. The XRP/USD pair started a sharp upward move and broke many resistances near $0.3000. There was a break above the $0.2860 resistance zone and the 100 hourly simple moving average. It cleared the path for buyers to take control above the $0.3000 level.

Moreover, there was a break above a key contracting triangle with resistance at $0.3350 on the hourly chart of the XRP/USD pair. It opened the doors for a solid rise and the price rallied more than 30% above $0.4000. The price traded as high as $0.4913 and it is currently consolidating gains. It corrected below the 23.6% fib retracement level of the last wave from the $0.3118 low to $0.4913 high. If there is a major downside correction, the $0.4100 and $0.4000 levels are likely to act as a support. Additionally, the 50% fib retracement level of the last wave from the $0.3118 low to $0.4913 high is near the $0.4012. Therefore, dips remains supported near $0.4100.

Looking at the chart, ripple price is following a solid uptrend and it may perhaps rise above $0.4913 high in the near term. A push above the $0.5000 level could open the doors for more gains above $0.5200.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 60 level.

Major Support Level – $0.4100

Major Resistance Level – $0.5000

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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