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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Charted: Ripple (XRP) Surges above $0.50, Why It Could Rally Further

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Bitcoin

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Ripple started a strong rally after it settled above $0.3000 against the US Dollar. XRP price is up over 50% and it even cleared the $0.5000 barrier to move into a positive zone.

  • Ripple started a strong increase after there was a break above $0.3000 and $0.4000 against the US dollar.
  • The price is now trading well above $0.5000, and the 100-day simple moving average.
  • There was a break above a major bearish trend line with resistance near $0.5000 on the daily chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to rise steadily towards the $0.6500 and $0.6800 resistance levels in the near term.

Ripple’s XRP Price is Up over 50%

After consolidating above the $0.2400 level for a few days, ripple’s XRP price started a strong increase. There was a clear break above the $0.3000 resistance zone, opening the doors for a strong surge.

There was a 50% rally and the price cleared many hurdles, starting with $0.4000 (outperforming bitcoin and ethereum). The price surpassed the 50% Fib retracement level of the main downward move from the $0.7877 swing high to $0.1715 low. There was also a break above a major bearish trend line with resistance near $0.5000 on the daily chart of the XRP/USD pair.

Ripple (XRP)

Source: XRPUSD on TradingView.com

The pair is now trading well above $0.5000, and the 100-day simple moving average. An immediate resistance is near the $0.6420 level. It is close to the 76.4% Fib retracement level of the main downward move from the $0.7877 swing high to $0.1715 low.

The next major resistance is near the $0.6800 zone, above which the bulls might aim a test of the $0.7500 resistance level in the near term. An intermediate resistance could be near the $0.7280 level.

Downsides Limited in XRP?

If ripple starts a downside correction, it is likely to remain stable near $0.5500. The first major support is near the $0.5200 level.

The main support could be near the $0.5000 level and the broke trend line. If the price fails to stay above $0.5000, there could be a downside extension towards the $0.4000 support zone.

Technical Indicators

Daily MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 60 level and showing overbought conditions.

Major Support Levels – $0.5500, $0.5200 and $0.5000.

Major Resistance Levels – $0.6000, $0.6420 and $0.6800.

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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.

Read more

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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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.

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