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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ripple Price Technical Analysis – XRP/USD Rockets Above $0.40

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price rocketed higher and traded above the $0.40 level against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $0.3200 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is now placed nicely above the $0.3000 handle and eyes more upsides in the near term.

Ripple price surged higher against the US Dollar and Bitcoin. XRP/USD broke $0.4000 and is currently positioned nicely in the bullish zone.

Ripple Price Bullish Trend

There was a nasty upside move in Ripple price above the $0.3000 handle against the US Dollar. The price rocketed higher and broke many resistances such as $0.2450, $0.3000 and $0.3800. The upside was strong and the price was able to move above the $0.4000 level. A new high was formed at $0.4100 from where the price started a downside correction. It moved below the 38.2% Fib retracement level of the last wave from the $0.2400 low to $0.4100 high.

However, the price remains well supported above $0.3000. There is a new connecting bullish trend line forming with support at $0.3200 on the hourly chart of the XRP/USD pair. The pair recently tested the 50% Fib retracement level of the last wave from the $0.2400 low to $0.4100 high. It was rejected from $0.3200 and is currently moving back higher. The current price action is very positive and it seems like the price will most back above the $0.4000 level in the near term.

Ripple Price Technical Analysis XRP USD

The next major upside target could be $0.5000. On the downside, buyers may take a stand near the $0.3200 and $0.3000 support levels if the price corrects lower.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still well above the 50 level and is showing many positive signs.

Major Support Level – $0.3200

Major Resistance Level – $0.4000

 

Charts courtesy – Trading View, Kraken

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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

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