Ripple (XRP) Price is About to See “Liftoff”, As Key Technical Breakout Emerges

Aayush Jindal

1 year ago

2 mins read

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Ripple seems to be forming a strong support near $0.2295 against the US Dollar. XRP price is showing breakout signs and it could start a significant recovery wave above $0.2450.

Ripple is up 2% and it cleared a major technical breakout pattern against the US dollar.
The price seems to be forming a decent support base near the $0.2300 and $0.2295 levels.
There was a break above a crucial bearish trend line with resistance near $0.2380 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
The pair likely to climb higher towards the 100 simple moving average (4-hours) if it clears $0.2450.

Ripple Price Forming Support Base

This past week, we saw a sharp decline in bitcoin, Ethereum, and ripple below key supports. XRP price even broke the $0.2550 support level and settled well below the 100 simple moving average (4-hours).

A new monthly low is formed near $0.2297, and the price seems to be forming a decent support base near the $0.2300 and $0.2295 levels. Recently, there was a positive price action and XRP climbed above the $0.2320 pivot level.

There was also a break above a crucial bearish trend line with resistance near $0.2380 on the 4-hours chart of the XRP/USD pair. The pair is now trading near the $0.2450 resistance, which is just below the 23.6% Fib retracement level of the downward move from the $0.3043 high to $0.2297 low.

Ripple (XRP) price trades above $0.2400. Source: TradingView.com

If there is a clear break above the $0.2450 resistance, there could be a sharp upward move. The next major resistance is near the $0.2550 and $0.2570 levels

Any further gains could lead the price towards the $0.2670 resistance level. It is close to the 50% Fib retracement level of the downward move from the $0.3043 high to $0.2297 low.

Fake Breakout in XRP?

If ripple fails to clear the $0.2450 and $0.2480 resistance levels, there is a risk of a fresh decline. An initial support is near the broken trend line and $0.2350.

The main support is near the $0.2300 and $0.2305 levels, below which the price could invalidate the recent breakout pattern. In the stated case, the bears are likely to aim a drop towards the $0.2200 support.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly moving into the bullish zone.

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

Major Support Levels – $0.2350, $0.2305 and $0.2300.

Major Resistance Levels – $0.2450, $0.2480 and $0.2580.

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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