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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Bulls Not Out of Woods, Risk of Sharp Rally Grows

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

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Ripple is rising steadily above $0.2800, while ETH and BTC rallied in the past three sessions against the US Dollar. XRP price is likely to continue higher towards $0.2950 and $0.3000.

  • Ripple price is slowly climbing higher and it recently surpassed $0.2850 against the US dollar.
  • The price traded as high as $0.2880 and it is currently correcting lower.
  • There is a major ascending channel forming with support near $0.2780 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The bulls are likely to remain in action and there are high chances of more upsides towards $0.3000.

Ripple Price Remains In Uptrend

In the past three sessions, there was a strong rally in Ethereum above $200 and $210, but ripple failed to match gains. XRP price climbed higher steadily and remained stable above the $0.2800 level.

Moreover, there was a close above the $0.2800 level and the 100 hourly simple moving average. Finally, it surpassed the $0.2850 resistance and traded to a new 2020 high at $0.2880.

It is currently correcting lower from $0.2880. An initial support is near the $0.2825, which is the 23.6% Fib retracement level of the recent upward move from the $0.2644 low to $0.2800 high.

On the downside, there is a strong support forming for ripple near the $0.2800 level. Moreover, there is a major ascending channel forming with support near $0.2780 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

On the upside, an initial hurdle is near the $0.2880 level. A successful break above the $0.2880 level might start a steady rise towards the $0.2950 and $0.2980 levels. The main resistance on the upside is still near $0.3000.

Dips Remain Supported

As mentioned, there are key supports forming near the $0.2800 level. If there is a downside break below the channel support, the price could test the $0.2760 area.

Besides, the 50% Fib retracement level of the recent upward move from the $0.2644 low to $0.2800 high is near the $0.2760 level. The main support is near the $0.2700 area (the recent breakout zone).

Overall, ripple price remains in a decent uptrend and the bulls are likely to aim a test of $0.3000 in the near term as long as there is no close below the 100 hourly SMA.

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 – $0.2825, $0.2800 and $0.2760.

Major Resistance Levels – $0.2880, $0.2950 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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Reason to trust

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