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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Charted: Ripple (XRP) Consolidates Gains, Why It Could Revisit $0.60

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ripple (XRP)

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Ripple gained bullish momentum above $0.5000 and $0.5500 against the US Dollar. XRP price remains attractive on dips and it is likely to climb further above $0.5750.

  • Ripple gained strength and it even spiked above $0.5500 against the US dollar.
  • The price is now trading nicely above $0.5000 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.5120 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could dips in the short-term, but the bulls are likely to remain active above $0.5000.

Ripple’s XRP Price Turns Green

This week, ripple’s XRP remained stable above $0.5000, while bitcoin and ethereum extended their increase. Earlier, XRP formed a support base above $0.4550 before surging above the $0.5000 resistance.

It broke many hurdles near $0.5200 and $0.5500. It traded as high as $0.5764 before starting a consolidation phase. There was a minor drop towards the $0.5500 support. The price also tested the 23.6% Fib retracement level of the upward move from the $0.4536 low to $0.5764 high.

It is still trading nicely above $0.5000 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.5120 on the 4-hours chart of the XRP/USD pair.

Ripple (XRP)

Source: XRPUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the upward move from the $0.4536 low to $0.5764 high. On the upside, the $0.5750 level is an immediate resistance. The next major resistance is near the $0.6000 level. A successful close above the $0.6000 level is likely to set the pace for more gains in the coming sessions. In the stated case, the bulls might aim a test of $0.6380.

Fresh Drop in XRP?

If ripple fails to clear the $0.5750 resistance or $0.6000, it could start a fresh decline. An initial support on the downside is near the $0.5450 level.

The first major support is near the $0.5150 level. The main support is near the trend line, $0.5100, and the 100 simple moving average (4-hours). Any more losses might lead the price towards the $0.4500 support zone in the near term.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

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

Major Support Levels – $0.5450, $0.5120 and $0.5000.

Major Resistance Levels – $0.5750, $0.6000 and $0.6380.

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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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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
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