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Ripple Price Analysis: XRP/USD Consolidating Above $0.5000

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Price Analysis techanalysis XRP

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Key Highlights

  • Ripple price recovered a few points, but it faced sellers near $0.5250 against the US dollar.
  • There is a short term bullish trend line formed with support at $0.5050 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may continue to consolidate above the $0.5000 support in the next couple of sessions.

Ripple price is currently trading in a range against the US Dollar and Bitcoin. XRP/USD must break the $0.5200-0.5250 resistance to move into a bullish zone.

Ripple Price Analysis

Yesterday, we discussed that ripple price could recover towards the $0.5200 level against the US Dollar. The XRP/USD pair did move higher and cleared the $0.5100 and $0.5180 resistance levels. The upward move was positive as the price even surpassed the $0.5200 level and settled above the 100 hourly simple moving average. However, the price failed near $0.5250 and the 50% Fib retracement level of the last drop from the $0.5610 swing high to $0.4860 swing low.

The price topped at $0.5253 and later started a downside correction. It moved below $0.5150 and the 23.6% Fib retracement level of the recent wave from the $0.4872 low to $0.5253 high. The current price action is positive above the $0.5000 support area. There is a short term bullish trend line formed with support at $0.5050 on the hourly chart of the XRP/USD pair. Besides, the 50% Fib retracement level of the recent wave from the $0.4872 low to $0.5253 high is acting as a support. As long as the price is above the trend line, $0.5000 and the 100 hourly SMA, it could recover once again.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently consolidating above the $0.5000 support. Buyers will most likely make another attempt to push the price above $0.5200 and $0.5250 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is hovering near the 50 level.

Major Support Level – $0.5000

Major Resistance Level – $0.5250

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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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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

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