This Simple Bullish Pattern Suggest Ripple (XRP) Could Surge Above $0.25

Aayush Jindal

1 year ago

2 mins read

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Ripple is up over 2% and it is showing positive signs above the $0.2400 resistance zone against the US Dollar. XRP price is likely to accelerate gains if it clears the $0.2500 resistance.

Ripple price started consolidating gains after it rallied towards the $0.2500 level against the US dollar.
The price is currently trading nicely above the $0.2400 and $0.2380 support levels.
There is a key rising channel forming with support near $0.2410 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
The pair remains well supported on dips and it could surge above the $0.2500 barrier.

Ripple Price Basing for the Next Move

This week, there was a sharp increase in ripple above $0.2320, following bitcoin and ethereum’s rally. The price even surged above the $0.2400 resistance and settled well above the 100 simple moving average (4-hours).

It traded to a new monthly high at $0.2500 and recently started consolidating gains. There was a minor downside correction below the $0.2450 level, but the bulls remained active near the $0.2400 support zone.

XRP even stayed above the 23.6% Fib retracement level of the upward move from the $0.2093 low to $0.2500 high. There is also a key rising channel forming with support near $0.2410 on the 4-hours chart of the XRP/USD pair.

Ripple (XRP) price trades near $0.2450. Source: TradingView.com

Below the trend line, there is a strong support forming near the $0.2380 level. The next major support is near the $0.2300 level or the 50% Fib retracement level of the upward move from the $0.2093 low to $0.2500 high.

On the upside, the price is facing a major hurdle near the $0.2500 level. If there is a clear break above the $0.250 resistance, the price is likely to accelerate higher towards the $0.2550 and $0.2600 levels in the near term.

Downsides Likely To Be Limited in XRP

Clearly, there are many supports for ripple near the $0.2400 level. The main support is now forming near the $0.2300 level (this week’s breakout zone).

If there is a bearish break below the $0.2300 support, there is a risk of a sharp decline and the price might revisit $0.2200.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining strength in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is still well above the 55 level.

Major Support Levels – $0.2400, $0.2380 and $0.2300.

Major Resistance Levels – $0.2500, $0.2550 and $0.2600.

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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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