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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ripple (XRP) Recovery Facing Key Hurdles: Can Bulls Outsmart Bears?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple (XRP)

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Ripple started an upside above the $0.2850 resistance area against the US Dollar. However, XRP price is still facing a couple of key hurdles near $0.3000 and $0.3080.

  • Ripple price is currently correcting higher from the $0.2677 swing low against the US dollar.
  • The price is trading above $0.2850, but it is still facing many key resistances.
  • There is a key bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price struggle to continue above the $0.3000 and $0.3080 resistance levels in the near term.

Ripple Price Near Crucial Juncture

After a strong decline below $0.3000 and the 100 hourly simple moving average, ripple found support near the $0.2650 area. XRP traded as low as $0.2677 and recently started a steady recovery above the $0.2700 level.

There was a break above the $0.2750 and $0.2800 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the main decline from the $0.3470 high to $0.2677 low.

The price even climbed above the $0.2950 resistance area. However, ripple is currently facing a strong resistance near the $0.3000 pivot level and the 100 hourly simple moving average.

More importantly, there a key bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair. Above the trend line, there is a key hurdle forming near the $0.3070 and $0.3080 levels.

Ripple Price
Ripple Price

Besides, the 50% Fib retracement level of the main decline from the $0.3470 high to $0.2677 low is also near the $0.3080 area. Therefore, a successful close above the $0.3080 resistance area is needed for a strong rise in the coming sessions.

If there is a clear close above $0.3080 and $0.3100, there are high chances of another rally towards the $0.3200 and $0.3320 levels.

Another Failure?

We cannot discard the chances of another failure near the $0.3000 resistance area and the 100 hourly SMA. In the mentioned case, the price is likely to continue lower towards the $0.2850 and $0.2800 levels.

The main support for ripple is still near the $0.2650 area, below which the price could start a strong decline towards the $0.2500 pivot area in the near term.

Technical Indicators

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

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

Major Support Levels – $0.2850, $0.2800 and $0.2650.

Major Resistance Levels – $0.3000, $0.3070 and $0.3080.

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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
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