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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ripple Price Analysis: XRP Sighting Bullish Break Above $0.3200

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis xrp

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  • Ripple price struggled to break the $0.3200 resistance level and corrected lower against the US dollar.
  • The price declined below the $0.3150 level and tested the $0.3125 support area.
  • There is a key bullish trend line formed with support at $0.3145 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must clear the $0.3180 and $0.3200 resistance levels to start a solid bullish wave towards $0.3300.

Ripple price is trading key supports against the US Dollar and bitcoin. XRP/USD must clear the $0.3200 resistance area to kick start a fresh bullish wave towards $0.3280 and $0.3300.

Ripple Price Analysis

This past week, we saw a nice rebound in ripple price from the $0.3000 support against the US Dollar. The XRP/USD pair traded above the $0.3120 and $0.3150 resistance levels. There was also a close above the $0.3120 level and the 100 hourly simple moving average. Finally, there was a spike towards the $0.3250 level before the price started a downside correction. It traded below the $0.3200 and $0.3180 levels. However, the $0.3125 support and the 100 hourly SMA acted as a decent barrier for sellers.

A low was formed at $0.3128 and later the price corrected higher. It moved above the $0.3140 level and the 50% Fib retracement level of the recent drop from the $0.3201 high to $0.3128 low. However, the upside move was capped by the $0.3180 resistance. It also represents the 61.8% Fib retracement level of the recent drop from the $0.3201 high to $0.3128 low. Should ripple break the $0.3180 resistance, it may struggle to clear the $0.3200 resistance. Finally, if there is an upside break above $0.3200, the price may rally towards $0.3300.

On the downside, there are many supports above $0.3125. There is also a key bullish trend line in place with support at $0.3145 on the hourly chart of the XRP/USD pair. If there is a downside wave, the trend line support and 100 hourly SMA may hold losses near $0.3140. If there is a break below the $0.3128 swing low, the price could move back in the bearish zone.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading above key supports near $0.3140. As long as buyers are active above $0.3125, there are chances of more upsides. The main resistance is at $0.3200, above which the price is likely to climb towards $0.3300 or even $0.3320.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently placed nicely in the bullish zone.

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

Major Support Levels – $0.3145, $0.3140 and $0.3125.

Major Resistance Levels – $0.3180, $0.3200 and $0.3250.

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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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