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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Charted: Ripple (XRP) Smashes $0.30, Why Pullbacks Could Be Limited

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple

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Ripple surged over 12% and it even broke the $0.3000 resistance against the US Dollar. XRP price is currently trading near $0.3010 and dips might be limited in the near term.

  • Ripple started a strong rally after it settled above the $0.2650 resistance against the US dollar.
  • The price even cleared the $0.3000 resistance and settled well above the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.2700 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a downside correction if it fails to clear the $0.3040 resistance zone.

Ripple’s XRP Price Rallies 12%

In the past 2-3 sessions, there was a sharp increase in ripple’s XRP price above the $0.2650 resistance zone. The price gained pace above $0.2800 and settled well above the 100 simple moving average (4-hours).

The upward move gained pace above the $0.2850 and $0.2920 levels. Finally, the price spiked above the $0.3000 resistance and traded to a new multi-week high at $0.3030. The price is now consolidating gains above the $0.2950 and $0.2960 levels.

An initial support is near the $0.2940 level. It is close to the 23.6% Fib retracement level of the recent rally from the $0.2647 low to $0.3030 high. The next major support is near the $0.2850 level.

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

The 50% Fib retracement level of the recent rally from the $0.2647 low to $0.3030 high is also near the $0.2835 level to provide support. More importantly, there is a major bullish trend line forming with support near $0.2700 on the 4-hours chart of the XRP/USD pair.

On the upside, the price is clearly facing a huge resistance near $0.3030 and $0.3040. If there is a successful break above the $0.3040 resistance zone, the price might surge towards the $0.3120 and $0.3150 levels in the near term.

Dips Limited in XRP?

If ripple fails to clear the $0.3030 and $0.3040 support levels, there could be a downside correction. The first key support is near the $0.2850 level.

The next major support is near the $0.2770 level (a multi-touch zone). Overall, dips towards the $0.2850 and $0.2770 levels are likely to find a strong buying interest in the near term.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 65 level.

Major Support Levels – $0.2940, $0.2850 and $0.2770.

Major Resistance Levels – $0.3000, $0.3040 and $0.3050.

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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
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