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

Ripple (XRP) Showing Positive Signs But This Resistance Holds The Key

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ripple (XRP)

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Ripple is currently correcting higher from the $0.1783 low against the US Dollar. XRP price is showing positive signs, but it must surpass $0.1850 to continue higher.

  • Ripple slowly gaining traction and it is trading above the $0.1800 level against the US dollar.
  • The price is facing a couple of strong hurdles near the $0.1840 and $0.1850 levels.
  • There was a break above a major bearish trend line with resistance near $0.1825 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must settle above the $0.1850 resistance to move further into a bullish zone.

Ripple Price is Facing Hurdles

Ripple price followed a bearish path in the past few days and traded below the $0.1900 support, similar to bitcoin and Ethereum. XRP even broke the $0.1850 support and settled below the 100 hourly simple moving average.

A new weekly low was formed near $0.1783 before the price started an upside correction. It recovered above the $0.1800 level to move into a short term positive zone. Besides, there was a break above the 23.6% Fib retracement level of the downward move from the $0.1900 high to $0.1783 low.

There was also a break above a major bearish trend line with resistance near $0.1825 on the hourly chart of the XRP/USD pair. However, ripple is struggling to gain momentum above $0.1820 after the recent trend line break.

Ripple Price

Ripple price trades above $0.1800. Source: TradingView.com

The bulls are facing a couple of strong hurdles near the $0.1840 and $0.1850 levels. The 50% Fib retracement level of the downward move from the $0.1900 high to $0.1783 low is also near the $0.1842 level to act as a resistance.

Therefore, XRP price must settle above the $0.1850 resistance and the 100 hourly simple moving average to move further into a bullish zone.

Fresh Drop in XRP?

If ripple struggles to clear the $0.1850 resistance or the 100 hourly SMA, it could start a fresh decline below the $0.1810 support level.

The key support is near the $0.1780 level, below which there is a risk of more downsides below $0.1750 in the near term. The next crucial support is at $0.1725, followed by $0.1700.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is declining and it is approaching the 40 level.

Major Support Levels – $0.1800, $0.1780 and $0.1720.

Major Resistance Levels – $0.1840, $0.1850 and $0.1880.

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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.

Read more

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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