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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Charted: How Bitcoin’s Surge Pumped Ripple (XRP) Into The Green Zone

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Bitcoin

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Ripple trimmed its losses after bitcoin’s rally against the US Dollar. XRP price gained 30% and it is now trading well above the $0.5500 resistance level.

  • Ripple started a strong increase from the $0.4350 support zone against the US dollar.
  • The price is now trading well above $0.5200 and the 100 simple moving average (4-hours).
  • There was a break above a key declining channel with resistance near $0.5300 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is gaining pace and it seems like the bulls are aiming a test of the $0.6000 resistance zone.

Ripple’s XRP Price is Gaining Bullish Momentum

Yesterday, we saw a nasty decline in ripple’s XRP price below $0.4500. The price traded as low as $0.4352 and recently started a fresh increase. There was a sharp rally in bitcoin, Ethereum, and XRP.

The bulls took over the crypto market and XRP surged above the $0.5000 resistance level. The upward move was such that the price gained over 30%. During the increase, there was a break above a key declining channel with resistance near $0.5300 on the 4-hours chart of the XRP/USD pair.

The pair even surpassed the 50% Fib retracement level of the key downward wave from the $0.5945 high to $0.4350 swing low. It even spiked above the $0.5500 resistance zone.

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

It is now trading near the $0.5700 resistance level and the 100 simple moving average (4-hours). It is showing a lot of positive signs. An immediate resistance is near the $0.5890 level. It is close to the 61.8% Fib retracement level of the key downward wave from the $0.5945 high to $0.4350 swing low.

A close above the $0.5890 level could set the pace for a sustained upward move towards the $0.6000 and $0.6120 levels in the near term.

Dips Supported in XRP?

If ripple starts a short-term downside correction, it could find support near the $0.5500 level. The first major support is near the $0.5400 levels, where the bulls are likely to take a stand.

The main support is near the broken channel trend line or $0.5200. Any more losses may perhaps decrease the current bullish pressure.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.

Major Support Levels – $0.5500, $0.5400 and $0.5200.

Major Resistance Levels – $0.5800, $0.5890 and $0.6000.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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