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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ripple (XRP) Price Rally Runs Into Significant Resistance: $0.255 Holds The Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Ripple is up over 6% and it climbed higher above the $0.2450 resistance against the US Dollar. XRP price is still struggling to clear the key $0.2550 resistance zone.

  • Ripple gained bullish momentum and surged above $0.2450 against the US dollar.
  • The price ran into the main $0.2550 resistance and settled above the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $0.2420 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to resume its upward move as long as it is above the $0.2400 support zone.

Ripple Price is Showing Positive Signs

After a sustained bearish wave, ripple found support near the $0.2295 level. XRP price formed a support base above $0.2300 and recently started a strong upward move.

There was a clear break above the $0.2380 resistance and the 100 hourly simple moving average to start the current increase. There was also a break above a key bearish trend line with resistance near $0.2420 on the hourly chart of the XRP/USD pair.

Ripple gained bullish momentum and surged above the $0.2450 resistance level. The price even climbed above $0.2520, but it ran into a major resistance at $0.2550.

A high is formed near $0.2544 and it is currently correcting lower. There was a break below the $0.2500 support. The price is trading below the 23.6% Fib retracement level of the recent wave from the $0.2321 low to $0.2544 high.

Ripple (XRP) Price

Ripple price rallies above $0.2500. Source: TradingView.com

The first major support is forming near the $0.2440 level or the 50% Fib retracement level of the recent wave from the $0.2321 low to $0.2544 high. On the upside, the price is facing a crucial resistance near $0.2550.

To start a strong upward move, the price must surpass the $0.2540 and $0.2550 resistance levels. The next key resistance is near the $0.2620 level or $0.2650.

False Rally in XRP?

If ripple fails to continue higher above $0.2540, there are chances of a fresh decline. An initial support on the downside is near the $0.2475 level.

The key support for the bulls is near the $0.2440 level. A clear break below the $0.2440 support might increase pressure on the bulls. In the stated case, the price might revisit the $0.2380 support.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly losing pace in the bullish zone.

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

Major Support Levels – $0.2475, $0.2440 and $0.2400.

Major Resistance Levels – $0.2540, $0.2550 and $0.2620.

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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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