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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ripple Price (XRP) Rallies Significantly To Start Massive Uptrend

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price surged more than 15% after it broke the key $0.2650 resistance against the US dollar.
  • The price is trading well above the $0.3000 level and it could continue to rise.
  • There was a break above a bullish continuation pattern with resistance near $0.2930 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is showing a lot of bullish signs, with many supports near the $0.3000 and $0.2950 levels.

Ripple price rallied above $0.3000 to start an uptrend against the US Dollar and bitcoin. XRP price turned buy on dips and it could continue to rise towards $0.3200.

Ripple Price Analysis

In the past many analysis, we discussed the importance of the $0.2650 resistance for XRP price against the US Dollar. Yesterday, we even saw a major breakout pattern forming with resistance near $0.2630 on the hourly chart of the XRP/USD pair. Finally, the pair gained bullish momentum and broke the main $0.2620 and $0.2650 resistance levels. It opened the doors for sharp gains above the $0.2720 and $0.2800 resistance levels.

Moreover, the price rallied above the $0.3000 resistance area and gained more than 15%. Intermediately, there was a break above a bullish continuation pattern with resistance near $0.2930 on the same chart. A new monthly high was formed near $0.3128 and the price is currently consolidating gains. An immediate support is near the $0.3060 level. It coincides with the 23.6% Fib retracement level of the recent rally from the $0.2839 low to $0.3128 high.

On the downside, there are many supports near the $0.3060 and $0.3000 levels. Moreover, the 50% Fib retracement level of the recent rally from the $0.2839 low to $0.3128 high is near the $0.2985 to act as a solid support. The next key support is near $0.2950, below which ripple could test the $0.2800 support area.

On the upside, an immediate resistance is near the $0.3120 level. If there are more upsides, the price could easily break the $0.3150 resistance and continue higher towards the $0.3200 and $0.3220 resistance levels. The main resistance for the current wave is now near the $0.3250 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading in a nice uptrend above the $0.2950 and $0.3000 support levels. In the short term, there could be a downside correction, but the price remains well bid above the $0.3000 and $0.2950 levels in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently showing many positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 70 level.

Major Support Levels – $0.3060, $0.3000 and $0.2950.

Major Resistance Levels – $0.3120, $0.3150 and $0.3220.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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