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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Charted: Ripple (XRP) Consolidates, Why It Is Approaching Major Breakout

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

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Ripple found is facing a major resistance near $0.5000 against the US Dollar. XRP price must stay above $0.4450 to avoid another downside break in the near term.

  • Ripple is facing an uphill task near the $0.4950 and $0.500 resistance levels against the US dollar.
  • The price is now consolidating above $0.4500 and testing the 100 simple moving average (4-hours).
  • There was a break below a triangle with support near $0.4700 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could either rally above $0.5000 or it might dive below $0.4500 to test $0.4000.

Ripple’s XRP Price is Facing Resistance

There was a decent recovery in ripple’s XRP found above the $0.4200 and $0.4500 resistance levels. The price even settled nicely above the $0.4500 level and the 100 simple moving average (4-hours).

However, the price is struggling to clear the $0.4950 and $0.5000 resistance levels, whereas the bitcoin and ethereum climbed higher. The recent high was near $0.4950 before XRP corrected lower. There was a break below the $0.4800 support level.

Ripple (XRP)

Source: XRPUSD on TradingView.com

The price traded below the 23.6% Fib retracement level of upward move from the $0.3937 low to $0.4954 high. There was also a break below a triangle with support near $0.4700 on the 4-hours chart of the XRP/USD pair.

The price is now consolidating above $0.4500 and testing the 100 simple moving average (4-hours). The 50% Fib retracement level of upward move from the $0.3937 low to $0.4954 high is also near the $0.4500 support. If there is a downside break below the $0.4500 support zone, there could be a sharp decline. In the stated case, the price may possibly revisit the $0.4000 support.

Fresh Increase in XRP?

If ripple stays above the $0.4500 support, it could start a fresh increase. An initial resistance on the upside is near the $0.4950 level.

The main resistance is still near $0.5000. A clear break above $0.5000 will most likely start a strong increase. The next major resistance is near the $0.5200 level, above which it could surge towards the $0.5500 level.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is struggling to gain pace in the bullish zone.

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

Major Support Levels – $0.4500, $0.4200 and $0.4000.

Major Resistance Levels – $0.4950, $0.5000 and $0.5500.

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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

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