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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ripple (XRP) Showing Early Signs of Fresh Increase, But Bulls Facing Hurdles

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

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Ripple extended its decline and tested the $0.2800 support against the US Dollar. XRP price is likely to start a slow and steady rise as long as it is above the $0.2800 support.

  • Ripple failed to stay above the $0.2850 support and tested the $0.2800 region against the US dollar.
  • The price traded to a new weekly high at $0.2790 level and it is now well above the 100 hourly SMA.
  • There was a break above a key bearish trend line with resistance near $0.2900 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently struggling to gain bullish momentum above $0.2905 and $0.2920.

Ripple Price Holding $0.2800

In the past three sessions, there were mostly bearish moves in ripple below $0.3000. XRP price even failed to stay above the $0.2850 support and it settled well below the 100 hourly simple moving average.

A new weekly low is formed near $0.2790 and the price is currently correcting higher. There was a break above the $0.2850 resistance. Moreover, there was a break above a key bearish trend line with resistance near $0.2900 on the hourly chart of the XRP/USD pair.

Ripple spiked above the 23.6% Fib retracement level of the recent decline from the $0.3274 high to $0.2790 low. However, the bulls seem to be struggling to gain strength above the $0.2905 and $0.2920 resistance levels.

Ripple (XRP)

Ripple price below $0.2920. Source: TradingView.com

If there is a clear break above the $0.2920 resistance, the price could rise towards the $0.3000 resistance. It seems like there is a major hurdle forming near the $0.3000 level and the 100 hourly SMA. The 50% Fib retracement level of the recent decline from the $0.3274 high to $0.2790 low is also near $0.3030.

A successful close above the $0.3000 and $0.3020 could open the doors for a fresh increase. In the mentioned case, the price could rise towards the $0.3120 and $0.3155 levels.

Key Uptrend Support for XRP

The main support is clearly near the $0.2800 region. If ripple fails to settle above $0.2920, there is a risk of a downside break below $0.2800.

A daily close below the $0.2800 support level is likely to open the doors for a larger decline. The next major supports could be $0.2650 and $0.2620.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 40 level.

Major Support Levels – $0.2820, $0.2800 and $0.2750.

Major Resistance Levels – $0.2905, $0.2920 and $0.3000.

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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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