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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ripple (XRP) Breaking This Variable Will Spark A Strong Rally To $0.26

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

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Ripple is currently recovering above $0.2325 against the US Dollar and bitcoin is trading above $8,700. XRP price is likely to surge towards $0.2500 or $0.2600 once it clears the $0.2400-$0.2420 resistance.

  • Ripple price is showing a few positive signs above the $0.2320 area against the US dollar.
  • The bulls seem to be facing a couple of hurdles near the $0.2400 and $0.2420 levels.
  • Yesterday’s followed important bearish trend line is active with resistance near $0.2385 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to start a strong rally if it settles above the $0.2400 resistance area.

Ripple Price To Continue Higher

After forming a support base above $0.2240 and $0.2260, ripple started a decent increase against the US Dollar. XRP price broke the $0.2320 resistance area and the 100 hourly simple moving average.

Furthermore, there was a break above the 23.6% Fib retracement level of the downward move from the $0.2540 high to $0.2240 swing low. However, the price faced a strong resistance near the $0.2400 area and it seems to be struggling to settle above the 100 hourly SMA.

More importantly, yesterday’s followed important bearish trend line is active with resistance near $0.2385 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

The trend line coincides with the 50% Fib retracement level of the downward move from the $0.2540 high to $0.2240 swing low. Therefore, ripple price must surpass the trend line and the $0.2400 resistance to continue higher in the near term.

A successful close above $0.2400 could start a strong rally and the price is likely to rise towards the $0.2500 and $0.2550 levels. Any further gains might lead the price towards the $0.2600 area.

What If XRP Fails Near $0.2400?

If XRP fails to continue above the $0.2400 resistance, it could resume its decline. The first major support on the downside is near the $0.2300 level (the neckline support).

If there is a clear break below the $0.2300 support, ripple could accelerate its decline towards the $0.2240 support zone in the coming sessions. Any further losses may perhaps call for a test of the $0.2120 support.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently struggling to stay above the 50 level.

Major Support Levels – $0.2300, $0.2240 and $0.2200.

Major Resistance Levels – $0.2385, $0.2400 and $0.2420.

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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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