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Ripple (XRP) Bulls Hesitates But Further Gains Above $0.24 Seem Likely

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

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Ripple is showing a few positive signs above the $0.2300 support against the US Dollar. XRP price is likely to accelerate higher if it clears the $0.2425 resistance area.

  • Ripple price is slowly rising after forming a double bottom pattern near the $0.2240 level against the US dollar.
  • The price is now trading above the $0.2300 and $0.2320 levels.
  • There was a break above a major bearish trend line with resistance near $0.2240 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is now facing a couple of key hurdles near the $0.2425 and $0.2480 levels.

Ripple Price Could Continue Higher

Yesterday, we discussed a possible a double bottom pattern for ripple near the $0.2240 level. XRP price remained well bid above the $0.2240 and $0.2250 levels and recently started a decent increase.

The price is up around 2% and it surpassed the $0.2300 resistance level. Besides, there was a break above a major bearish trend line with resistance near $0.2240 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

The pair is now trading well above the $0.2320 level and the 100 hourly simple moving average. A high is formed near $0.2417 and ripple price is currently correcting lower. It traded below the $0.2400 level, plus the 23.6% Fib retracement level of the upward move from the $0.2238 low to $0.2417 high.

An initial support on the downside is near the $0.2345 and the 100 hourly simple moving average. The next key support is visible near the $0.2330 level since it is close to the 50% Fib retracement level of the upward move from the $0.2238 low to $0.2417 high.

Therefore, ripple is likely to remain well supported on the downside near the $0.2330 area. On the upside, an initial resistance is near the $0.2425 zone.

To start a strong increase, the bulls need to gain momentum above the $0.2425 resistance level. A successful break above $0.2325 and $0.2480 could open the doors for a strong rally. The next key resistance is near the $0.2580 and $0.2600 levels.

Fresh Decline?

If ripple struggles to continue above the $0.2425 and $0.2480 resistance levels, there are chances of a fresh decline. A clear break below $0.2330 and the 100 hourly SMA might put pressure on the bulls.

On the downside, the main support is near $0.2300, below which the price may perhaps break the $0.2240 double bottom support and extend its decline towards $0.2200.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.

Major Support Levels – $0.2330, $0.2300 and $0.2240.

Major Resistance Levels – $0.2425, $0.2480 and $0.2580.

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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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