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

Ripple (XRP) Breaches $0.30: Next Bullish Levels Traders Should Watch

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple (XRP)

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Ripple extended its rise above the $0.2920 resistance against the US Dollar. XRP price even broke the $0.3000 resistance and it is currently correcting gains.

  • Ripple is back in a positive zone above the $0.2920 and $0.2950 levels against the US dollar.
  • The price traded to a new weekly high at $0.3043 and it is now well above the 100 hourly simple moving average.
  • There is a key connecting bullish trend line forming with support near $0.2975 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct a few points, but dips are likely to remain supported near $0.2950.

Ripple Price Breaks $0.3000

The recent increase in Ethereum and bitcoin dragged ripple higher above the $0.2920 resistance. XRP climbed above the $0.2950 barrier and settled well above the 100 hourly simple moving average.

Finally, it broke the $0.3000 barrier and traded to a new weekly high at $0.3043. It is currently correcting lower and trading below $0.3020. There was a break below the 23.6% Fib retracement level of the recent rise from the $0.2869 low to $0.3043 high.

The price is now testing the $0.2980 support zone. There is also a key connecting bullish trend line forming with support near $0.2975 on the hourly chart of the XRP/USD pair.

Ripple (XRP)

Ripple price trades above $0.3000. Source: TradingView.com

If there is a downside break below the trend line, the price could test the $0.2950 support area. It is important since it is close to the 50% Fib retracement level of the recent rise from the $0.2869 low to $0.3043 high.

On the upside, ripple price is likely to gain pace above the $0.3020 and $0.3040 levels. The first major resistance is near the $0.3080 level, above which the bulls are likely to aim a test of the $0.3120 resistance in the near term.

Dips Limited in XRP?

If ripple starts a downside correction, the bulls are likely to protect the main $0.2950 support zone. The next major support is near the $0.295220 pivot level.

Any further losses are likely to lead the price towards the $0.2850 support level or the 100 hourly simple moving average, where the bulls are likely to take a strong stand.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 50 level.

Major Support Levels – $0.2950, $0.2920 and $0.2900.

Major Resistance Levels – $0.3020, $0.3040 and $0.3080.

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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

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