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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) Just Broke $0.27 and $0.30 Is Imminent, Here’s Why

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

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Ripple stared a strong rise from the $0.2460 support area against the US Dollar. XRP price rallied around 8% and it seems like it could soon climb towards $0.3000.

  • Ripple price is up around 8% and it broke the $0.2700 resistance area against the US dollar.
  • The price traded to a new 2020 high at $0.2760 and it is currently consolidating gains.
  • There was a break above a couple of breakout zones at $0.2520 and $0.2650 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue higher towards the $0.2850 and $0.2920 resistance levels in the near term.

Ripple Price Rally Isn’t Over Yet

After forming a support base above the $0.2460 level, ripple started a strong rise. XRP price broke many important hurdles near $0.2500 and $0.2550 to move into a solid bullish zone.

Furthermore, there was a close above the $0.2550 level and the 100 hourly simple moving average. More importantly, there was a break above a couple of breakout zones at $0.2520 and $0.2650 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

Finally, the price rallied above the $0.2700 level and traded to a new yearly high at $0.2760. It is currently consolidating gains above the $0.2700 area.

Ripple is also holding the 23.6% Fib retracement level of the recent rally from the $0.2473 low to $0.2760 high. Additionally, it seems like ripple is trading inside another breakout pattern with resistance near $0.2720.

A successful break above the $0.2720 resistance level might spark another rally. In the mentioned case, the price is likely to climb above the $0.2760 high. The next key resistance is near the $0.2850 level, above which the bulls are likely to aim a larger rally towards the $0.3000 barrier in the near term.

Dips Remain Supported

If ripple fails to stay above the $0.2700 support, it could extend its correction. The next major support is near the $0.2620 level. It coincides with the 50% Fib retracement level of the recent rally from the $0.2473 low to $0.2760 high.

Any further losses may perhaps push the price back into a bearish zone below $0.2620. The next major support is near the $0.2580 level since it is near the 61.8% Fib area of the same rally.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is showing many positive signs in the bullish zone.

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

Major Support Levels – $0.2700, $0.2650 and $0.2620.

Major Resistance Levels – $0.2720, $0.2760 and $0.2850.

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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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