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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ripple (XRP) Could Rally Significantly And Only 1 Thing is Holding it Back

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ripple (XRP)

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Ripple is trading nicely above the $0.1950 support zone against the US Dollar. XRP price is likely to start a strong rally (similar to bitcoin) if it clears the $0.2000 resistance.

  • Ripple price is trading well above the $0.1900 and $0.1920 support levels against the US dollar.
  • The price is currently stuck near the $0.2000 resistance zone.
  • There is a significant bullish flag forming with resistance near $0.1995 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to start a strong rally if it settles above the $0.2000 and $0.2030 resistance levels.

Ripple Price Could Follow Bitcoin

In the past few sessions, ripple’s XRP remained stable above the $0.1920 support level. It even settled above the $0.1950 pivot level and the 100 simple moving average (4-hours).

Recently, there was a spike above the $0.2000 resistance, but the price failed to gain traction. A high is formed near $0.2015 and the price is currently consolidating in a tiny range. An initial support is near the $0.1965 level and the 100 simple moving average (4-hours).

The 50% Fib retracement level of the recent wave from the $0.1916 low to $0.2015 high is also near $0.1965. The next major support is near the $0.1950 level, followed by a connecting bullish trend line at $0.1940 on the 4-hours chart of the XRP/USD pair.

Ripple (XRP)

Ripple (XRP) price trades near $0.2000. Source: TradingView.com

The trend line is close to the 76.4% Fib retracement level of the recent wave from the $0.1916 low to $0.2015 high. More importantly, there is a significant bullish flag forming with resistance near $0.1995 on the same chart.

If there is an upside break and close above the $0.2000 level, the price could continue to rise. The next major resistance is near the $0.2030 level, above which the bulls are likely to aim a test of the $0.2120 resistance.

Dips Likely Supported in XRP

It seems like ripple could follow bitcoin’s recent upside break above the $9,300 resistance. If it fails to clear the $0.2000 resistance, there might be a short-term downside correction.

On the downside, the first major support is near the $0.1950 level, below which the price could revisit the main $0.1900 support level in the near term.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is struggling to gain strength in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.

Major Support Levels – $0.1965, $0.1950 and $0.1920.

Major Resistance Levels – $0.2000, $0.2030 and $0.2120.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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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