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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Charted: Ripple (XRP) Signaling Sharp Increase To $0.72 In Near-Term

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
ripple

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Ripple started a fresh increase above the $0.6000 resistance level against the US Dollar, similar to bitcoin and ETH. XRP price is likely to continue higher towards $0.7000 and $0.7200.

  • Ripple started a fresh increase above the $0.5800 and $0.6000 resistance levels against the US dollar.
  • The price is now trading well above $0.6250 and the 100 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance at $0.6200 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is showing positive signs and it might continue to rise towards $0.7000 or even $0.7200.

Ripple’s XRP Price Could Rally Again

After a sharp downside correction, ripple’s XRP price found support near $0.4500 level. The price started a fresh increase and recovered above the $0.5000 and $0.5200 resistance levels.

Bitcoin and Ethereum gained pace in the last 2-3 days, resulting in an upside break in XRP above $0.5800. The price even climbed above the $0.6000 resistance level. The bulls pushed the price above the 50% Fib retracement level of the downside correction from the $0.7887 high to $0.4504 swing low.

There was also a break above a major contracting triangle with resistance at $0.6200 on the 4-hours chart of the XRP/USD pair. The pair is now trading well above $0.6250 and the 100 simple moving average (4-hours).

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

It seems like the price is struggling to gain momentum above the $0.6600 level or the 61.8% Fib retracement level of the downside correction from the $0.7887 high to $0.4504 swing low. A clear break above the $0.6600 and $0.6650 levels might call for a move towards the $0.7000 resistance. The next key resistance sits at $0.7200, where the bulls might take a stand.

Downsides Limited in XRP?

If ripple fails to surpass the $0.6600 resistance, there could be a downside correction. An initial support on the downside is near the $0.6200 level.

The first major support is now forming near the $0.6000 level. Any more losses could lead the price towards the $0.5500 support level in the coming sessions. An intermediate support is near the $0.5850.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 60 level.

Major Support Levels – $0.6200, $0.6000 and $0.5500.

Major Resistance Levels – $0.6600, $0.6800 and $0.7000.

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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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