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A Key Trend is Forming For Ripple (XRP) and a Swift Rally Could Occur 2020-06-08
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A Key Trend is Forming For Ripple (XRP) and a Swift Rally Could Occur 2020-06-08

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read

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Ripple is currently consolidating above the $0.2000 support against the US Dollar. XRP price is likely to start a strong increase above $0.2100 as long as it is above the 100 SMA (H4).

  • Ripple price is currently trading nicely above the main $0.2000 support zone against the US dollar.
  • The price is facing a few key resistances near the $0.2040 and $0.2075 levels.
  • There is a major declining channel forming with resistance near $0.2040 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to accelerate higher if there is a clear break above $0.2075.

Ripple Price Holding Crucial Uptrend Support

In the past few days, ripple followed a bearish path below the $0.2100 pivot level. XRP price broke the $0.2020 support zone, but it remained well bid above the $0.2000 support level.

The price is currently consolidating above the $0.2000 support and the 100 simple moving average (4-hours). The last swing high was near $0.2073 before the price declined towards $0.2000.

A low is formed near $0.1986 and the price is currently rising. XRP is trading above the 50% Fib retracement level of the recent decline from the $0.2073 high to $0.1986 low. It seems like there is a major declining channel forming with resistance near $0.2040 on the 4-hours chart of the XRP/USD pair.

Ripple Price
Ripple Price

The channel resistance is close to the 61.8% Fib retracement level of the recent decline from the $0.2073 high to $0.1986 low. If there is an upside break above the channel resistance, the price could test the key $0.2075 resistance zone.

A successful close above the $0.2075 resistance zone could open the doors for a larger upward move. The next major resistance is near the $0.2140 level, above which the bulls are likely to aim more gains towards $0.2250.

More Losses in XRP?

On the downside, there is a crucial support forming near $0.2000 and the 100 simple moving average (4-hours). If ripple fails to stay above the $0.2000 support, there is a risk of a larger decline.

A successful close below the $0.2000 support may perhaps lead the price towards the $0.1920 and $0.1900 support levels in the near term.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.

Major Support Levels – $0.2000, $0.1920 and $0.1900.

Major Resistance Levels – $0.2040, $0.2075 and $0.2140.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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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