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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ripple (XRP) Eyeing Bullish Break But It Must Hold This Key Support

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

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Ripple is showing signs of a decent recovery above $0.1400 against the US Dollar. XRP price could attempt to surpass the $0.1650 resistance and start a strong rise.

  • Ripple price is facing a couple of key hurdles near $0.1620 and $0.1650 against the US dollar.
  • A key support base seems to be forming near the $0.1400 area.
  • There is an important contracting triangle forming with resistance near $0.1650 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price might attempt to start a strong rise above the $0.1600 and $0.1650 resistance levels.

Ripple Price Forming Support Base

After crumbling towards the $0.1150 area, ripple started an upside correction. XRP price recovered above the $0.1250 and $0.1400 resistance levels to start a decent recovery.

There was a clear break above the 23.6% Fib retracement level of the main drop from the $0.2102 high to $0.1166 low. However, the price is facing a strong resistance near the $0.1600 area and the 100 hourly simple moving average.

The 50% Fib retracement level of the main drop from the $0.2102 high to $0.1166 low is also acting as a key hurdle for the bulls. More importantly, there is an important contracting triangle forming with resistance near $0.1650 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

It seems like there is a major breakout zone forming near the $0.1600 area. If there is an upside break above the $0.1620 and $0.1650 resistance levels, there are chances of a strong rise in the near term.

The next key resistance is near the $0.1750 area, plus the 61.8% Fib retracement level of the main drop from the $0.2102 high to $0.1166 low.

Breakdown Zone

If ripple price struggles to clear the $0.1600 resistance, it could start another decline. On the downside, an initial support is near the $0.1450 level. The first major support is near the $0.1385 area, below which the bears are likely to take control.

In the mentioned bearish scenario, the price is likely to revisit the $0.1200 support area in the coming sessions. Any further losses are likely to open the doors for more downsides towards $0.1100.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.

Major Support Levels – $0.1450, $0.1400 and $0.1380.

Major Resistance Levels – $0.1600, $0.1620 and $0.1650.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

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