Ripple (XRP) at Major Inflection Point And Candles Warn Bullish Reversal

Aayush Jindal

1 year ago

2 mins read

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Ripple is following a bullish path above the $0.2320 support zone against the US Dollar. XRP price is likely to accelerate higher above the $0.2400 and $0.2420 resistance levels.

Ripple price is slowly climbing higher above the key $0.2350 level against the US dollar.
The price is likely to gain bullish momentum above $0.2380 and $0.2400 in the near term.
There is a major bullish trend line forming with support near $0.2330 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price remains well supported on dips near the $0.2350 and $0.2320 levels.

Ripple Price Eyeing Fresh Increase

Ripple made another attempt to surpass the $0.2380 resistance level, but it failed. XRP price corrected lower below $0.2350 and the 100 hourly simple moving average.

A low is formed near $0.2303 and the price is again rising. It is trading above the $0.2350 resistance and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the recent decline from the $0.2381 high to $0.2303 low.

Ripple is now trading nicely above the $0.2360 level and a connecting bearish trend line. On upside, the price is facing a couple of hurdles near the $0.2380 and $0.2400 levels.

On the downside, there is a major bullish trend line forming with support near $0.2330 on the hourly chart of the XRP/USD pair. If the pair starts a fresh increase above the $0.2380 resistance, there are high chances of a strong bullish wave above the $0.2400 and $0.2420 levels.

A successful break above the $0.2420 resistance area will most likely confirm a bullish break. In the mentioned case, the price is likely to surge higher towards the $0.2500 and $0.2550 levels in the near term.

Another Rejection?

If ripple fails to continue above the $0.2380 and $0.2400 resistance levels, it could decline again. An initial support is near the $0.2340 level and the 100 hourly simple moving average.

A bearish break below the 100 hourly simple moving average and the bullish trend line at $0.2320 may perhaps spark a strong negative move. The main support is still near $0.2300, below which there is a risk of more losses towards the $0.2240 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now showing positive signs in the bullish zone.

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

Major Support Levels – $0.2340, $0.2320 and $0.2300.

Major Resistance Levels – $0.2380, $0.2400 and $0.2420.

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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