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Charted: Ripple (XRP) Holds Key Support, What Are Chances of a Fresh Increase

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

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Ripple trimmed most gains from the $0.6000 resistance against the US Dollar. XRP price is now trading above $0.4500 and it could attempt a fresh increase above $0.5500.

  • Ripple broke the $0.5500 support zone, but it stayed above $0.4500 against the US dollar.
  • The price is now back above $0.5000 and the 100 simple moving average (4-hours).
  • Earlier, there was a break below a major bullish trend line with support near $0.5380 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could rise one more time as long as there is no close below the $0.5000 support.

Ripple’s XRP Price is Holding Support

This week, ripple’s XRP outperformed bitcoin and ethereum, with a strong move above $0.5000. The price even surged above the $0.5500 resistance level and the 100 simple moving average (4-hours).

However, the bears were active near the $0.6000 zone. A high was formed near $0.5998 and the price recently started a fresh decline. There was a break below the $0.5800 and $0.5500 support levels. It even dived below the $0.5000 support level.

There was also a break below a major bullish trend line with support near $0.5380 on the 4-hours chart of the XRP/USD pair. A low is formed near $0.4544 and the price is currently correcting higher. The pair is now trading above $0.5000 and the 100 simple moving average (4-hours).

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

It cleared the 50% Fib retracement level of the recent decline from the $0.5997 high to $0.4544 low. An initial resistance is near the $0.5380 level.

The first major resistance is near the $0.5200 level. The main resistance is near the $0.5445 level. It is close to the 61.8% Fib retracement level of the recent decline from the $0.5997 high to $0.4544 low. A clear break above $0.5450 and $0.5500 could open the doors for a fresh increase to $0.6000.

Fresh Drop in XRP?

If ripple fails to clear the $0.5445 resistance or $0.5200, it could start a fresh decline. An initial support on the downside is near the $0.5100 level.

The first major support is near the $0.5000 level 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 – $0.5200, $0.5100 and $0.5000.

Major Resistance Levels – $0.5450, $0.5500 and $0.6000.

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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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