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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Approaching Next Crucial Break: Here’s Why $0.35 Holds Key

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

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Ripple surged higher and climbed above the $0.3200 resistance area against the US Dollar. However, XRP price is now facing a strong resistance near the $0.3400-$0.3500 area.

  • Ripple price surged to a new 2020 high at $0.3399 before correcting lower against the US dollar.
  • The price is now consolidating gains above the $0.3150 support area.
  • There is a major contracting triangle forming with resistance near $0.3310 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could either surge above $0.3400 or it might start a significant correction below $0.3000.

Ripple Price Facing Key Hurdles

In the past two days, ripple saw a sharp increase in buying interest above the $0.2900 resistance. As a result, XRP rallied above the $0.3000 and $0.3200 resistance levels.

Moreover, there was a close above the $0.3200 level and the 100 hourly simple moving average. Finally, the price tested a major resistance area near $0.3400-$0.3500 (as discussed in yesterday’s post using the daily chart).

Ripple faced a strong selling interest near $0.3400 and a new 2020 high was formed near $0.3399. Recently, there was a downside correction below the $0.3300 area. The price even broke the 23.6% Fib retracement level of the upward move from the $0.2998 low to $0.3399 high.

There were a couple of spikes below $0.3200, but the price remained well bid above $0.3200. More importantly, there is a major contracting triangle forming with resistance near $0.3310 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

Therefore, ripple seems to be facing a lot of hurdles on the upside, starting with $0.3310 and up to $0.3500. A successful daily close above the $0.3500 level could initiate a long term uptrend towards $0.4000 or even $0.5000.

Key Uptrend Supports

The first key support is near the triangle lower trend line at $0.3200. It also coincides with the 50% Fib retracement level of the upward move from the $0.2998 low to $0.3399 high.

If the price fails to stay above the $0.3200 support, it could start a downside extension. In the mentioned case, the first target for the bears could be $0.3080.

However, the main support is near the $0.3000 level, below which there is a risk of a drop towards the $0.2920 support or the 100 hourly SMA.

Technical Indicators

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

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

Major Support Levels – $0.3200, $0.3080 and $0.3000.

Major Resistance Levels – $0.3310, $0.3400 and $0.3500.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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