Ripple price is showing a lot of positive signs above the $0.2120 support against the US dollar.
The price is likely to break the $0.2240 and $0.2270 resistance levels to continue higher.
Yesterday’s key bearish trend line was breached with resistance near $0.2175 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price remains supported for more gains unless it drops back below the $0.2120 support area.
Ripple price is likely to accelerate higher against the US Dollar and bitcoin. The main resistance for XRP is near $0.2350, above which it could turn bullish.
Ripple Price Analysis
Yesterday, we saw a decent recovery in ripple from the $0.2000 support area against the US Dollar. XRP price rallied above the $0.2080 and $0.2120 resistance levels.
Moreover, there was a break above the $0.2200 resistance area. However, the price struggled to clear the $0.2240 and $0.2250 resistance levels. A high was formed near $0.2245 and the price corrected gains.
On the downside, the $0.2150 level acted as a strong support. The last swing low was near $0.2153 and the price climbed higher again. During the rise, yesterday’s key bearish trend line was breached with resistance near $0.2175 on the hourly chart of the XRP/USD pair.
It is now trading near the $0.2240 resistance and the 100 hourly simple moving average. An initial support is near the $0.2195 level. It coincides with the 50% Fib retracement level of the recent wave from the $0.2195 low to $0.2238 high.
The first key support on the downside is near the $0.2175 level. It is also close to the 76.4% Fib retracement level of the recent wave from the $0.2195 low to $0.2238 high. The main supports are $0.2150 and $0.2120.
If there is a downside break below $0.2120, ripple is likely to move back into a bearish zone. The next key support is seen near the $0.2020 and $0.2000 levels.
Conversely, the price could surge above the $0.2250 resistance area. The next key resistance is near the $0.2270 level, above which the price could accelerate gains towards the $0.2350 resistance area.
To move into an uptrend, the price must settle above the $0.2350 resistance area. If not, it is likely to resume its downtrend below the $0.2120 support area.
Ripple Price
Looking at the , ripple price is showing a few positive signs above the $0.2150 support. The current price action suggests high chances of a rally above the $0.2250 resistance.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 55 level.
Major Support Levels – $0.2170, $0.2150 and $0.2120.
Major Resistance Levels – $0.2250, $0.2270 and $0.2350.
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.
Read more
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.
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.
