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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ripple (XRP) Gains Traction Following Ethereum’s Rise: $0.30 Seems Key Hurdle

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple

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Ripple is rising and it is gaining bullish momentum above $0.2880 against the US Dollar. XRP price is likely to test the $0.3000 barrier, considering the recent sharp rise in Ethereum.

  • Ripple is showing a lot of positive signs above the $0.2850 and $0.2880 levels against the US dollar.
  • The price is testing the $0.2920 resistance and it is well above the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $0.2830 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to rise towards the $0.3000 level as long as it is above $0.2850.

Ripple Price Jumps Above $0.2900

Ethereum started a strong increase above $240, leading bitcoin and ripple higher. XRP broke the main $0.2850 resistance and settled nicely above the 100 hourly simple moving average to move into a positive zone.

To start the rise, there was a break above a key bearish trend line with resistance near $0.2830 on the hourly chart of the XRP/USD pair. The upward move was such that the price surpassed the $0.2880 and $0.2900 levels.

A high is formed near $0.2921 and it is currently consolidating gains. An initial support is near the $0.2880 level. It is close to the 23.6% Fib retracement level of the recent wave from the $0.2787 low to $0.2921 high.

Ripple (XRP)

Ripple price trades above $0.2900. Source: TradingView.com

The first major support is near the $0.2850 level (the recent breakout zone). It is close to the 50% Fib retracement level of the recent wave from the $0.2787 low to $0.2921 high.

On the upside, ripple price is facing a short-term hurdle near the $0.2920 level. A clear break above the $0.2920 resistance could open the doors for a larger rally towards the $0.2980 and $0.3000 levels. The next major hurdle for the bulls could be near $0.3120.

Downside Correction in XRP?

If ripple struggles to clear the $0.2920 resistance, there could be a downside correction. However, the $0.2850 and $0.2840 levels are now important supports for the bulls.

Any further losses are likely to lead the price below the $0.2800 level. The next major support for the bulls is near the $0.2765 level and the 100 hourly simple moving average.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is climbing and it is above the 60 level.

Major Support Levels – $0.2880, $0.2850 and $0.2840.

Major Resistance Levels – $0.2920, $0.2980 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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