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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Charted: Ripple (XRP) Gaining Momentum, Why It Could Revisit $0.60

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

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Ripple is up over 15% and it broke the $0.5500 resistance against the US Dollar. XRP price is likely to continue higher towards $0.5800 and $0.6000 levels in the near term.

  • Ripple started a fresh increase after it broke the $0.5000 resistance against the US dollar.
  • The price is trading nicely above the $0.5200 level and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.4900 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to rise towards $0.6000 unless it fails to stay above $0.4500.

Ripple’s XRP Price is Rising Steadily

After forming a base above $0.3500, ripple’s XRP price started a steady increase. The price cleared a few important hurdles near $0.4000 and $0.4200 to move into a bullish zone.

Recently, the price cleared the $0.5000 resistance level. It is now trading nicely above the $0.5200 level and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.4900 on the 4-hours chart of the XRP/USD pair.

Ripple’s XRP Price

It is testing the 50% Fib retracement level of the key decline from the $0.7600 swing high to $0.3400 swing low. If there is a close above $0.5650, the price is likely to clear the $0.5800 resistance zone.

The next major resistance is sitting near the $0.6000 level. It is close to the 61.8% Fib retracement level of the key decline from the $0.7600 swing high to $0.3400 swing low. Any more gains might lead the price towards the $0.6700 high in the near term.

Dips Supported in XRP?

If ripple fails to climb above the $0.5800 resistance, there could be a short-term downside correction. An initial support on the downside is near the $0.5200 level.

The next major support is near the $0.5000 level and the trend line. A downside break below the trend line support could open the doors for a push towards the $0.4200 support. The main support is now forming near the $0.4000 level and the 100 simple moving average (4-hours).

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is gaining pace 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 – $0.5200, $0.5000 and $0.4000.

Major Resistance Levels – $0.5800, $0.6000 and $0.6700.

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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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