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

Charted: Ripple (XRP) Holding Key Support, Why It Could Rally Again To $0.45

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ripple (XRP)

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Ripple corrected gains from well above $0.5000 against the US Dollar. XRP price is holding the key $0.3400 support, and it is likely to resume higher towards $0.4200 and $0.4400.

  • Ripple started a fresh decline after it failed to clear the $0.5500 resistance against the US dollar.
  • The price is still holding the $0.3400 support zone and the 100-day simple moving average.
  • There is a major bearish trend line forming with resistance near $0.4650 on the daily chart of the XRP/USD pair (data source from Kraken).
  • The pair is rise back towards the $0.4500 and $0.4650 resistance levels in the near term.

Ripple’s XRP Price Could Rally Again

After a clear break above $0.3200, ripple’s XRP price started a strong increase. There was a clear break above the $0.4000 resistance zone and the $0.5000 level.

The price even spiked above $0.5200 and settled above the 100-day simple moving average. However, the bulls failed to clear the $0.5500 resistance area. A high was formed near $0.5343 before starting a fresh decline.

There was a break below the $0.4200 and $0.4000 support levels. The price even declined below the 50% Fib retracement level of the upward move from the $0.2456 swing low to $0.5343 high. The price is still holding the $0.3400 support zone and the 100-day simple moving average.

Ripple (XRP)

Source: XRPUSD on TradingView.com

The 61.8% Fib retracement level of the upward move from the $0.2456 swing low to $0.5343 high is also acting as a support. On the upside, the price is facing hurdles near $0.4000. There is also a major bearish trend line forming with resistance near $0.4650 on the daily chart of the XRP/USD pair.

It seems like the price is likely to revisit the $0.4400 and $0.4500 resistance levels as long as there is no break below $0.3200.

Downsides Limited in XRP?

If ripple fails to start a decent increase, it could find support near the $0.3680 and $0.3600. The first major support is near the $0.3550 level.

The main support could be near the $0.3200 level. If the price fails to stay above $0.3200, there could be a downside extension towards the $0.2450 support zone.

Technical Indicators

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

Daily RSI (Relative Strength Index) – The RSI for XRP/USD is still above the 50 level.

Major Support Levels – $0.3650, $0.3550 and $0.3200.

Major Resistance Levels – $0.4000, $0.4400 and $0.4500.

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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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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.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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