Ripple (XRP) Price Defies Gravity, Looks To Trade Higher

Aayush Jindal

1 year ago

2 mins read

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Ripple price is trading nicely above the $0.2200 and $0.2180 support levels against the US dollar.
The price is likely to accelerate gains if it breaks the $0.2300 resistance area.
There is a new connecting bullish trend line forming with support near $0.2190 on the hourly chart of the XRP/USD pair (data source from Kraken).
The main hurdles on the upside for the bulls are near $0.2300 and $0.2350.

Ripple is gaining bullish momentum above $0.2200 against the US Dollar, similar to bitcoin above $7,000. XRP price is likely to accelerate gains above $0.2300 and $0.2320.

Ripple Price Analysis

After forming a support base above $0.2000, ripple started a decent upward move against the US Dollar. XRP price broke a couple of key resistances near the $0.2100 and $0.2150 levels.

Finally, it managed to climb above the $0.2180 resistance and the 100 hourly simple moving average. Therefore, it opened the doors for more upsides above the $0.2200 resistance. The recent recovery was such that the price even climbed above the $0.2250 resistance.

The price traded as high as $0.2301 and it is currently correcting gains. Additionally, it traded below the 23.6% Fib retracement level of the upward wave from the $0.2127 low to $0.2301 high.

On the downside, there are many supports near the $0.2200 level and the 100 hourly simple moving average. Moreover, there is a new connecting bullish trend line forming with support near $0.2190 on the hourly chart of the XRP/USD pair.

The 50% Fib retracement level of the upward wave from the $0.2127 low to $0.2301 high is also near the 100 hourly SMA to provide support. If there is a downside break below the trend line, ripple may possibly retest the $0.2140 and $0.2130 support levels.

Any further losses could push the price back into a bearish zone below the $0.2100 support. The next major support is near the recent monthly low of $0.2000.

On the upside, an initial resistance is near the $0.2300 level. A successful break above the $0.2300 hurdle is likely to lead the price towards the $0.2350 resistance. The final target for the current recovery could be near the $0.2380 level.

Looking at the chart, ripple price is trading above a couple of key supports near $0.2200 and $0.2180. As long as there is no close below $0.2180, the price is likely to climb above $0.2300 and $0.2350 in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level, with positive signs.

Major Support Levels – $0.2200, $0.2180 and $0.2140.

Major Resistance Levels – $0.2300, $0.2350 and $0.2380.

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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