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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Typical Ripple (XRP) Price Action, Dips Remain Attractive To Bulls

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

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Ripple extended its rally and traded towards the $0.2250 resistance against the US Dollar. Recently, XRP corrected sharply, but bitcoin managed to pop above $8,000 and $8,200.

  • Ripple price is trimming gains and it even dived to test the $0.2080 support against the US dollar.
  • Bitcoin remained in a positive trend and it surged above the key $8,000 resistance.
  • There is a major contracting triangle forming with support near $0.2090 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could dip sharply towards the $0.2050 support before it starts a fresh increase.

Ripple Price Remains Supported

Yesterday, we saw a sharp rise in ripple above the $0.2120 resistance against the US Dollar. XRP price even surged above $0.2200, formed a high at $0.2253, and recently started a substantial downside correction.

On the other hand, there were strong gains in bitcoin above $8,000 and $8,200. BTC surged towards the $8,500 level and it is currently correcting lower.

Looking at ripple, there was a downturn below the $0.2200 support area. Besides, the price traded below the 50% Fib retracement level of the upward move from the $0.1937 low to $0.2253 high.

Finally, the price dipped below $0.2100 and tested the $0.2080 support area. It seems like there is a major contracting triangle forming with support near $0.2090 on the hourly chart of the XRP/USD pair.

The current price action suggests that there are chances of another downside thrust below the $0.2100 level. The main support is near the $0.2050 level and the 100 hourly simple moving average.

An intermediate support is near the 61.8% Fib retracement level of the upward move from the $0.1937 low to $0.2253 high. If there is another dip below $0.2100, the bulls are likely to protect the $0.2050 support area. Any further losses might lead the price towards the crucial $0.2000 pivot level.

Dips Present Buying Opportunity?

If ripple dives again below $0.2100, it could be considered as a decent buying opportunity. The $0.2050 support holds the key for the current uptrend and bullish case. Only if the price breaks the $0.2000 support, there are chances of a trend change to bearish.

Ripple Price
Ripple Price

Looking at the chart, ripple price is trimming gains, but it seems like recently formed uptrend is not over yet unless there is a close below $0.2000. On the upside, the price is likely aim a test of $0.2400.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move into the bullish zone.

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

Major Support Levels – $0.2100, $0.2080 and $0.2050.

Major Resistance Levels – $0.2180, $0.2200 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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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