Charted: Ripple (XRP) Eyes Fresh Rally To $0.35, Dips Remain Supported

Aayush Jindal

1 year ago

2 mins read

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Ripple started a strong recovery wave above the $0.3000 and $0.3100 levels against the US Dollar. XRP price is currently correcting gains from $0.3700, but dips remain limited.

Ripple rallied above the $0.3200 and $0.3500 resistance levels against the US dollar.
The price tested the $0.3700 zone before correcting lower, but it settled above the 100 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $0.3480 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
The pair is holding a key support near the $0.3000 and $0.2800 levels.

Ripple’s XRP Price is Holding Gains

In the past two days, ripple’s XRP price saw a sharp increase above the $0.2500 resistance level. The bulls gained strength, resulting in a sharp upward move above the $0.3000 barrier.

The price even surged above the $0.3200 level and settled above the 100 simple moving average (4-hours). The price nuked the $0.3500 level before the bears took a stand near the $0.3700 zone. There were two attempts by the bulls to gain momentum above $0.3700, but they failed.

A swing high was formed near $0.3700 before the price started a downside correction (similar to bitcoin). The price traded below the $0.3500 level. There was also a break below the 23.6% Fib retracement level of the upward wave from the $0.2190 swing low to $0.3700 swing high.

Source: XRPUSD on TradingView.com

There is also a major bearish trend line forming with resistance near $0.3480 on the 4-hours chart of the XRP/USD pair. On the downside, the $0.3000 and $0.2950 levels are important supports.

The 50% Fib retracement level of the upward wave from the $0.2190 swing low to $0.3700 swing high is also near $0.2950. Any more losses could lead the price towards the main $0.2500 support level and the 100 simple moving average (4-hours).

More Gains in XRP?

If ripple remains stable above the $0.2950 level, there are chances of a fresh increase. An initial resistance on the upside is near the $0.3250 level.

The main resistance is now near $0.3500. A close above the $0.3500 resistance zone could pump the price towards the $0.3700 and $0.3800 levels in the near term.

Technical Indicators

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

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

Major Support Levels – $0.3000, $0.2950 and $0.2550.

Major Resistance Levels – $0.3250, $0.3450 and $0.3500.

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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