Charted: Ripple (XRP) Rallies 20%, Why Dips Could Be Attractive

Aayush Jindal

1 year ago

2 mins read

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ripple remained stable above $0.5000 and rallied above $0.6000 against the US Dollar. XRP price tested $0.6500 and it is likely to continue higher in the near term.

Ripple started a fresh increase above the $0.5500 and $0.6000 resistance levels against the US dollar.
The price is now trading well above $0.5800 and the 100 simple moving average (4-hours).
There was a break above a crucial contracting triangle with resistance near $0.5480 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
The pair is trading nicely above $0.6000, and it is likely to continue higher towards $0.6500 and $0.6800.

Ripple’s XRP Price is Gaining Bullish Momentum

Recently, there was a sharp decline in ripple’s XRP price below the $0.5000 support zone. The price even spiked below $0.4500, but there was a quick recovery from $0.4326.

It started a strong increase above the $0.5000 resistance, outperforming bitcoin and ethereum. There was a clear break above the 76.4% Fib retracement level of the retracement level of the downward move from the $0.5842 high to $0.4326 low.

There was also a break above a crucial contracting triangle with resistance near $0.5480 on the 4-hours chart of the XRP/USD pair. The pair rallied above the $0.6000 resistance and it settled above the 100 simple moving average (4-hours).

Source: XRPUSD on TradingView.com

It spiked above the 1.236 Fib extension level of the downward move from the $0.5842 high to $0.4326 low. It tested the $0.6450 resistance zone and it is now trading nicely in a positive zone.

A clear break above the $0.6450 and $0.6500 resistance levels could pump the price further towards the $0.6880 level. The next major resistance on the upside is near the $0.7200 level. Any more gains could lead the price towards the $0.7500 level.

Dips Limited in XRP?

If ripple fails to continue higher above $0.6500, it could correct lower. An initial support on the downside is near the $0.5840 and $0.5800 levels.

The main support is now forming near the broken triangle and $0.5500. A downside break below the $0.5500 support zone could lead the price towards the $0.5200 zone.

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 – $0.5850, $0.5650 and $0.5500.

Major Resistance Levels – $0.6200, $0.6500 and $0.7000.

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.

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.

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.