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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ripple (XRP)
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A Key Trend is Forming For Ripple (XRP) and a Swift Rally Could Occur

Aayush Jindal by Aayush Jindal
3 years ago
in Ripple, Technical analysis
Reading Time: 2 mins read

Ripple is up over 5% and it revisited the $0.3250 resistance zone against the US Dollar. XRP price is correcting gains, but it is likely to surge further above $0.3300.

  • Ripple gained bullish momentum and climbed above the $0.3200 resistance against the US dollar.
  • The price traded to a new weekly high near the $0.3280 level and it settled well above the 100 hourly SMA.
  • There is a short-term contracting triangle forming with resistance near $0.3235 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair seems to be following a nice uptrend and the price could continue above $0.3250 and $0.3300.

Ripple Price Gains 5%

In yesterday’s analysis, we discussed a strengthening case for ripple above the $0.3055 resistance. XRP price was able to clear the $0.3055 and $0.3065 resistance levels.

As a result, there was a strong increase above the $0.3120 and $0.3200 resistance levels. The price is up over 5% and it even spiked above the $0.3250 resistance. A new weekly high near the $0.3280 level and it settled well above the 100 hourly SMA.

The price is currently correcting lower and trading below $0.3200. There was a break below the 23.6% Fib retracement level of the recent surge from the $0.2975 low to $0.3279 high. An initial support is near the $0.3150 level.

Ripple (XRP)

Ripple price surpasses $0.3200. Source: TradingView.com

The next major support is near the $0.3120 level. It is close to the 50% Fib retracement level of the recent surge from the $0.2975 low to $0.3279 high. It seems like there is a short-term contracting triangle forming with resistance near $0.3235 on the hourly chart of the XRP/USD pair.

If the bulls succeed in clearing the triangle resistance, there are chances of a strong increase above the $0.3250 and $0.3260 resistance levels. The next hurdle is near the $0.3300 level, above which the price might even climb above the $0.3320 level.

Resistance Turned Support for XRP

If ripple starts an extended downside correction, the $0.3120 support level is likely to stop losses. If there is a downside break below $0.3120, the price could test the $0.3080 support.

Any further losses may perhaps lead the price towards the main $0.3055 support zone (the previous major resistance and breakout zone).

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still above the 50 level.

Major Support Levels – $0.3150, $0.3120 and $0.3080.

Major Resistance Levels – $0.3235, $0.3250 and $0.3300.

Tags: RipplexrpXRPUSDxrpusdt
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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