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Ripple Price Technical Analysis – XRP/USD Extends Consolidation 2018-03-14

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:23 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price is trading in a range above the $0.7700 support level against the US dollar.
  • Yesterday’s highlighted monster contracting triangle pattern with current support near $0.7700 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair seems to be struggling to gain momentum above $0.8000 and the 100 hourly simple moving average.

Ripple price continues to trade in a range against the US Dollar and Bitcoin. XRP/USD may rise, but it could struggle to break the $0.8000 and $0.8200 resistances.

Ripple Price Range

There was no upside action above $0.8000 in Ripple price against the US Dollar. The price is currently trading in a range and is preparing for the next move above $0.8000. The recent low was formed at $0.7630 form where the price started rising slowly. It is currently trading near the 38.2% Fib retracement level of the last drop from the $0.8300 high to $0.7630 swing low.

However, there are many barriers on the upside around the $0.8000 and $0.8200 levels. First, the 50% Fib retracement level of the last drop from the $0.8300 high to $0.7630 swing low is near $0.8000. Moreover, the stated $0.8000 is just around the 100 hourly simple moving average. Therefore, the $0.8000 level is a major resistance. A break above the stated $0.8000 resistance could clear the way for more gains. More importantly, yesterday’s highlighted monster contracting triangle pattern with current support near $0.7700 is intact on the hourly chart of the XRP/USD pair.

Ripple Price Technical Analysis XRP USD

It seems like the pair may continue to trade in a range above $0.7700 for a few sessions. Once there is a break above $0.8000 and $0.8200, there could an extended upside move towards $0.8500.

Looking at the technical indicators:

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

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

Major Support Level – $0.7700

Major Resistance Level – $0.8200

 

Charts courtesy – Trading View

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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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