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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Technicals Suggest Ripple (XRP) is Setting Up For Another Rally To $0.32

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

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Ripple surged more than 30% this past week to climb above $0.3000 against the US Dollar. XRP price nosedived below $0.3250, but technicals suggest a fresh increase above $0.3150.

  • Ripple price surged above the $0.3000 and $0.3150 resistance levels against the US dollar.
  • The price dived more than 20%, but dips remained well supported above $0.2500.
  • There is a major bullish trend line forming with support near $0.2780 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely setting up for the next rally above the $0.3000 resistance area.

Ripple Price Could Surge Above $0.30

This past week, there was a strong increase in ripple above $0.3000, following bitcoin and ethereum’s rally. The price even surged above the $0.3120 resistance and settled well above the 100 simple moving average (4-hours).

It traded to a new multi-week high at $0.3255 before it crashed more than 20%. There was a sharp decline below the $0.3000 support zone. The price even spiked below the $0.2800 support level, but dips remained well supported near the $0.2500 level.

There is also a major bullish trend line forming with support near $0.2780 on the 4-hours chart of the XRP/USD pair. A swing low was formed near the $0.2401 and recently the price started a fresh increase. There was a break above $0.2800, plus the 50% Fib retracement level of the recent crash from the $0.3255 high to $0.2400 low.

Ripple (XRP)

Ripple (XRP) price trades near $0.2000. Source: TradingView.com

The price is now testing the 61.8% Fib retracement level of the recent crash from the $0.3255 high to $0.2400 low. On the upside, there is a strong resistance near the $0.3000 level. A successful close above the $0.3000 barrier could open the doors for more gains.

The next major resistance is near the $0.3120 level, above which the price is likely to surge towards the $0.3200 and $0.3250 levels in the coming sessions.

Downsides Likely To Be Limited in XRP

If there is another downside correction, ripple is likely to find support near $0.2850. The trend line support near $0.2800 also holds the key, below which the bulls might struggle.

If there is a bearish close below the trend line support, the price could extend its decline towards the $0.2650 and $0.2600 support levels.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is about to gain strength in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is still well above the 50 level.

Major Support Levels – $0.2850, $0.2800 and $0.2650.

Major Resistance Levels – $0.3000, $0.3050 and $0.3120.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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