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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ripple Price Technical Analysis – XRP/USD Breaks Key Resistance 2017-12-12

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price made a nice upside move and broke the $0.2500 resistance against the US Dollar.
  • Yesterday’s highlighted contracting triangle with resistance at $0.2400 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is now well above the $0.2550 level and looks set for more gains in the near term.

Ripple price broke key resistances against the US Dollar and Bitcoin. XRP/USD is now above $0.2500 and eyeing further upsides.

Ripple Price Upside Break

There was a good upside reaction in Ripple price recently as it moved above the $0.2350 level against the US Dollar. The upside move was strong as the price was able to move above the $0.2400 and $0.2500 resistance levels. Earlier, there was a minor correction towards 50% Fib retracement level of the last leg from the $0.2050 low to $0.2490 high. However, buyers appeared and pushed the price above $0.2400.

During the upside, yesterday’s highlighted contracting triangle with resistance at $0.2400 was broken on the hourly chart of the XRP/USD pair. The pair recently traded as high as $0.2612 and is currently placed well above the 100 hourly simple moving average. It seems like there can be more gains above $0.2600 in the near term. The next major resistance is around the $0.2800 pivot.

Ripple Price Technical Analysis XRP USD

On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $0.2230 low to $0.2612 high. However, the most important support is now at $0.2400, which was a resistance earlier. The mentioned $2400 support is also around the 50% Fib retracement level of the last wave from the $0.2230 low to $0.2612 high. Therefore, the price is now well supported above $0.2400 for more gains towards $0.2800.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has reached the overbought levels.

Major Support Level – $0.2400

Major Resistance Level – $0.2800

 

Charts courtesy – Trading View, Kraken

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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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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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