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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ripple Price Technical Analysis XRP USD
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Ripple (XRP) Price Primed For More Upsides: $0.3500 On The Cards

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Ripple price started a fresh rise above the $0.3100 and $0.3200 resistance levels against the US dollar.
  • The price tested the $0.3400 area and recently corrected lower below $0.3300 and $0.3250.
  • There is a major bullish trend line forming with support near the $0.3100 level on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could soon break the $0.3220 resistance level and climb higher towards $0.3400 once again.

Ripple price started a strong rise above $0.3200 against the US Dollar, plus corrected higher versus bitcoin. XRP remains well bid above $0.3100 and it is likely to resume its upward move.

Ripple Price Analysis

This past week, there was a strong upward move in ripple price above the key $0.3100 resistance against the US Dollar. The XRP/USD pair followed bitcoin and surged above the $0.3200 and $0.3220 resistance levels. The price even broke the $0.3350 level and settled well above the 100 hourly simple moving average. The bulls pushed the price towards the $0.3400 level before it started a downside correction. There was a sharp decline below the $0.3300 and $0.3200 levels. The price revisited the previous breakout zone near $0.3040 and $0.3060.

A swing low was formed at $0.3050 recently and the price is currently moving higher. It already broke the 50% Fib retracement level of the last drop from the $0.3316 high to $0.3050 low. However, the $0.3200 and $0.3220 levels are currently acting as hurdles. The 61.8% Fib retracement level of the last drop from the $0.3316 high to $0.3050 low is also acting as a strong resistance for the bulls. A successful close above $0.3220 barrier is likely to start a fresh rise. The next resistance is near $0.3300, above which the price could surge towards the $0.3400 resistance area.

On the downside, there are many supports above the $0.3050 and $0.3080 levels. There is also a major bullish trend line forming with support near the $0.3100 level on the hourly chart of the XRP/USD pair. If there is a downside correction below $0.3150, the price could test the trend line support.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly well supported above the $0.3050 level and the 100 hourly SMA. As long as the price is above $0.3050, it is likely to start a fresh rise above $0.3220 and $0.3300 in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently moving in the bullish zone, with positive signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level, with a positive bias.

Major Support Levels – $0.3150, $0.3100 and $0.3050.

Major Resistance Levels – $0.3220, $0.3300 and $0.3400.

Tags: Ripplexrp
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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