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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Ripple (XRP) Holding Uptrend Support: Here’s Why It Could Follow Bitcoin’s Rally

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

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Ripple traded to a new monthly high at $0.2252 against the US Dollar. XRP price is currently holding the $0.2145 support zone and it could rally above $0.2200.

  • Ripple remained in a positive zone above the $0.2000 and $0.2100 levels against the US dollar.
  • The price traded to a new monthly high at $0.2252 and settled well above the 100 hourly SMA.
  • There is a key contracting triangle forming with resistance near $0.2195 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to start a fresh rally above $0.2200 as long as it is above $0.2100.

Ripple Price Could Rise Again

There was a sharp increase in ripple after it broke the $0.2020 resistance area. XRP price even traded above the $0.2120 resistance and settled well above the 100 hourly simple moving average.

It traded to a new monthly high at $0.2252 and recently started a downside correction. There was a break below the $0.2200 and $0.2160 support levels. The price tested the $0.2145 and $0.2135 support levels.

A swing low is formed near $0.2135 and the price is currently trading nicely in a positive zone. It already tested the 50% Fib retracement level of the recent decline from the $0.2252 swing high to $0.2135 swing low.

Ripple Price

Ripple price above $0.2150. Source: TradingView.com

However, the price is facing hurdles near the $0.2195 and $0.2200 levels. There is also a key contracting triangle forming with resistance near $0.2195 on the hourly chart of the XRP/USD pair. Above the triangle resistance, the next resistance could be $0.2210.

The 61.8% Fib retracement level of the recent decline from the $0.2252 swing high to $0.2135 swing low might also prevent upsides near $0.2208. If the bulls gain strength above $0.2200 and $0.2210 resistance levels, the price is likely to retest $0.2250. Any further gains could lead the price above the $0.2300 level in the near term.

Dips Likely Supported in XRP

On the downside, the triangle support is near the $0.2168 level. If there is a downside break below the triangle support, ripple could revisit the $0.2135 support level.

The next major support is near the $0.2100 level (the last breakout zone), below which the price might continue to move down towards the $0.2020 support.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 50 level.

Major Support Levels – $0.2165, $0.2135 and $0.2100.

Major Resistance Levels – $0.2200, $0.2210 and $0.2250.

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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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