Ripple Price Analysis – XRP/USD Upside Surge above $0.60

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

Ripple price is climbing higher and is currently placed well above the $0.5500 level against the US Dollar.
There is a monster bullish trend line forming with support at $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair will most likely accelerate higher above the $0.6000 and $0.6500 in the near term.

Ripple price is flying higher against the US Dollar and Bitcoin. XRP/USD is now placed nicely for more gains above $0.6000 and $0.6500.

Ripple Price to Continue Higher

There were solid gains in Ripple price above the $0.4500 resistance against the US Dollar. Once the price was able to move above the $0.4500 resistance, there were sharp gains above $0.5000. The price was able to move above the $0.6000 level. The recent all-time high was formed at $0.6033 and it seems like the price might continue to move higher. An initial support is around the 23.6% Fib retracement level of the last wave from the $0.4005 low to $0.6033 high.

There is also a monster bullish trend line forming with support at $0.5200 on the hourly chart of the XRP/USD. The trend line support at $0.5200 is a crucial buy zone. It is also near the 38.2% Fib retracement level of the last wave from the $0.4005 low to $0.6033 high. As long as the price is above the $0.5200 and $0.5000 support levels, it might continue to rise in the near term. Below $0.5000, the $0.4800 level is also a major support area, where buyers are likely to take a stand.

On the upside, a break above the $0.6000 handle is on the cards. Above $0.6000, the price will most likely rocket above $0.6500.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the overbought levels.

Major Support Level – $0.5200

Major Resistance Level – $0.6000

Charts courtesy – Trading View, Kraken

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.

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.
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