XRP Price Resumes Rally – Here’s Why It Could Surpass $1 This Time

Aayush Jindal

1 year ago

2 mins read

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Ripple’s token price is moving higher from $0.6650 against the US Dollar. XRP price might gain bullish momentum if it clears the $0.8065 resistance zone.

Ripple’s token price is moving higher toward the $0.8065 resistance against the US dollar.
The price is now trading above $0.75 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.760 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might continue to rise if it clears the $0.8065 resistance in the near term.

Ripple’s Token Price Starts Fresh Rally

After a strong rally, Ripple’s XRP saw a downside correction from the $0.9500 resistance against the US Dollar. It dipped below the $0.820 support zone. The price even spiked below the $0.70 support.

A low is formed near $0.6655 and the price is now rising, unlike Bitcoin and Ethereum. There was a move above the $0.70 and $0.72 resistance levels. XRP surpassed the 23.6% Fib retracement level of the downward move from the $0.9479 swing high to the $0.6655 low.

XRP price is now trading above $0.70 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.760 on the 4-hour chart of the XRP/USD pair.

Initial resistance on the upside is near the $0.8065 zone. It is close to the 50% Fib retracement level of the downward move from the $0.9479 swing high to the $0.6655 low. The next major resistance is near the $0.840 level.

Source: XRPUSD on TradingView.com

A successful break above the $0.84 resistance level might send the price toward the $0.90 resistance. Any more gains might call for a test of the $1 resistance.

Fresh Decline in XRP?

If ripple fails to clear the $0.8065 resistance zone, it could start another decline. Initial support on the downside is near the $0.75 zone and the trend line.

The next major support is near $0.70. If there is a downside break and a close below the $0.70 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.62 support zone.

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 – $0.75, $0.72, and $0.70.

Major Resistance Levels – $0.8065, $0.84, and $0.95.

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.

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.
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