Charted: Ripple (XRP) Weekly Chart Suggests Massive Breakout To $0.75

Aayush Jindal

1 year ago

2 mins read

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Ripple surged over 40% and it even broke the $0.4500 resistance against the US Dollar. XRP price weekly chart suggests high chances of more upsides towards $0.6000 and $0.7500.

Ripple started a strong surge after it broke the $0.3000 resistance zone against the US dollar.
The price even cleared the $0.4000 resistance and settled well above the 100-week simple moving average.
There was a break above a crucial bearish trend line with resistance near $0.2950 on the weekly chart of the XRP/USD pair (data source from Kraken).
The pair remains elevated and the bulls could aim a test of $0.6000 or even $0.7500.

Ripple’s XRP Price Rallies 40%

In the past few days, there was a sharp increase in ripple’s XRP price above the $0.3000 resistance zone. The price gained pace after there was a proper close above $0.3000 and the 100-week simple moving average.

More importantly, there was a break above a crucial bearish trend line with resistance near $0.2950 on the weekly chart of the XRP/USD pair. It opened the doors for a sharp increase above $0.3200 and $0.3500. The price even surged above the 61.8% Fib retracement level of the main decline from the $0.5081 swing high to $0.1131 swing low.

Ripple price settled above the $0.4000 resistance and spiked towards $0.5000. The price is now trading above the 76.4% Fib retracement level of the main decline from the $0.5081 swing high to $0.1131 swing low.

Source: XRPUSD on TradingView.com

The current weekly candle seems positive and it seems like there are chances of more upsides above $0.5000 and the $0.5080 swing high. The next target for the bulls could be $0.6000 level. Any further gains could open the doors for a rally towards the $0.7500 level.

The 1.618 Fib extension level of the main decline from the $0.5081 swing high to $0.1131 swing low at $0.7522 could be the target of the bulls in the coming weeks.

Dips Limited in XRP?

If ripple fails to clear the $0.5000 and $0.5080 resistance levels, there could be a downside correction. The first key support is near the $0.4150 level.

The next major support is near the $0.3550 level (a multi-touch zone), below which the price could drop towards the $0.3000 breakout zone and the 100-week simple moving average.

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 currently well above the 70 level.

Major Support Levels – $0.4150, $0.3850 and $0.3550.

Major Resistance Levels – $0.5000, $0.5080 and $0.6000.

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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