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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ripple Price Analysis: XRP Targets Fresh Weekly Highs Above $0.3500

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis xrp

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  • Ripple price found support above the $0.3100 level and recovered above $0.3300 against the US dollar.
  • There was a break above a major bearish trend line with resistance at $0.3200 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could extend gains towards $0.3500 if there is a break above the $0.3360 resistance.

Ripple price recovered nicely in the past few hours against the US Dollar and Bitcoin. XRP/USD may target the $0.3500 resistance if it breaks $0.3360 and $0.3400.

Ripple Price Analysis

Recently, we saw a major drop below the $0.3400 support in ripple price against the US Dollar. The XRP/USD pair even broke the $0.3360 and $0.3200 support levels. It traded close to the $0.3100 level and formed a low at $0.3112. Later, the price started consolidating losses with a bullish angle above $0.3200. Finally, sellers lost control, resulting in a sharp upward move above $0.3250. There was a break above the 23.6% Fib retracement level of the last major drop from the $0.3817 high to $0.3112 low.

More importantly, there was a break above a major bearish trend line with resistance at $0.3200 on the hourly chart of the XRP/USD pair. The pair settled above the $0.3280 level and the 100 hourly simple moving average. However, the price ran into a key resistance near $0.3360 (the previous support and range high). The price is currently consolidating above $0.3280 and the 100 hourly SMA. Buyers need to gain strength above $0.3360 and $0.3375 to push the price further higher. The next stop for them could be near $0.3460. It coincides with the 50% Fib retracement level of the last major drop from the $0.3817 high to $0.3112 low.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price made a nice upward move above the $0.3250 and $0.3280 levels. Having said that, a successful close above $0.3360 is needed for an acceleration to $0.3400 and $0.3500.

Technical Indicators

Hourly MACD – The MACD for XRP/USD could move back in the bearish zone, signaling a downside correction.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 55 level.

Major Support Level – $0.3250

Major Resistance Level – $0.3360

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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