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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ripple (XRP) Price Approaching Key Resistance, Can Buyers Make It?

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis ripple

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  • Ripple price traded as low as $0.3134 and recently corrected higher against the US dollar.
  • The price broke the $0.3200 resistance area, but it is still below the key $0.3280 resistance.
  • Yesterday’s highlighted key bearish trend line is intact with resistance near $0.3280 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must break the trend line and $0.3300 to move into a positive zone.

Ripple price managed to recover a few points against the US Dollar, similar to bitcoin. XRP is currently trading above the $0.3200 level and it could attempt to break the $0.3280 resistance area.

Ripple Price Analysis

Recently, there was a downside extension below the $0.3200 support in ripple price against the US Dollar. The XRP/USD pair even traded below the $0.3150 level and formed a new weekly low at $0.3134. Later, the price started an upside correction above the $0.3140 and $0.3150 resistance levels. Buyers gained traction above the $0.3200 resistance and the 50% Fib retracement level of the last drop from the $0.3325 high to $0.3134 low.

It opened the doors for more gains and the price traded towards the $0.3260 level and 100 hourly simple moving average. However, the price struggled to stay above the 61.8% Fib retracement level of the last drop from the $0.3325 high to $0.3134 low. Moreover, yesterday’s highlighted key bearish trend line is intact with resistance near $0.3280 on the hourly chart of the XRP/USD pair. Sooner or later, the pair could make an attempt to surpass the trend line and $0.3285.

If buyers succeed in clearing the $0.3280 resistance area, there are chances of a solid upward move above the $0.3300 level. The next key resistance is at 1.236 Fib extension level of the last drop from the $0.3325 high to $0.3134 low at $0.3372. On the other hand, if the price fails to move above the $0.3280 resistance, there could be fresh decline. On the downside, an initial support is at $0.3200, below which the price could trade towards the $0.3160 and $0.3150 levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently showing positive signs above $0.3200. Having said that, a proper close above $0.3280 and $0.3300 is must for more gains in the near term. If bulls continue to struggle near $0.3280, there could be another bearish reaction below $0.3200 in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD seems to be struggling to stay in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards the 50 level.

Major Support Levels – $0.3200, $0.3150 and $0.3130.

Major Resistance Levels – $0.3280, $0.3300 and $0.3370.

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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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