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Charted: Ripple (XRP) Consolidates, Why It Could Rally Again To $0.75

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

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Ripple rallied significantly above $0.6000 and $0.7000 before correcting lower against the US Dollar. XRP price is now consolidating above $0.6200 and eyeing the next crucial break.

  • Ripple started a strong rally after it settled above the $0.3000 resistance against the US dollar.
  • The price tested the $0.7500 resistance and settled well above the 100 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $0.7000 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh rally once it clears the $0.7000 resistance zone.

Ripple’s XRP Price Holding Key Support

In the last technical analysis, we discussed the chances of massive rally in ripple’s XRP price towards $0.7500. The price did follow a strong bullish path above $0.5000 and $0.6000.

It broke many hurdles near $0.7000 and settled well above the 100 simple moving average (4-hours). Finally, the price tested the stated $0.7500 resistance zone. A new multi-month high was formed near $0.7870 before the price started a downside correction.

XRP price corrected lower sharply below $0.7000 and $0.6500. It even tested the $0.6000 support level, but remained well above the 100 simple moving average (4-hours). A swing low is formed near $0.5662 before the price climbed back to $0.7547.

It is currently consolidating in a broad range below the $0.7000 level. There was a break below the 50% Fib retracement level of the upward move from the $0.5662 swing low to $0.7547 swing high.

Ripple (XRP)

Source: XRPUSD on TradingView.com

It seems like there is a major contracting triangle forming with resistance near $0.7000 on the 4-hours chart of the XRP/USD pair. The triangle support is close to the 61.8% Fib retracement level of the upward move from the $0.5662 swing low to $0.7547 swing high.

If there is a clear break below the triangle support, XRP could revisit the $0.6000 support. Any more losses could increase the chances of a break towards the $0.5200 level.

Fresh Rally in XRP?

If ripple stays above the triangle support, it could attempt an upside break above the $0.6800 and $0.7000 resistance levels.

A clear break above the triangle resistance is likely to open the doors for a fresh rally towards the $0.7500 and $0.7650 resistance levels.

Technical Indicators

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

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 60 level.

Major Support Levels – $0.6350, $0.6200 and $0.6000.

Major Resistance Levels – $0.6800, $0.7000 and $0.7500.

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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

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