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Charted: Ripple (XRP) Surges 15%, Why The Bulls Are Back In Control
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Charted: Ripple (XRP) Surges 15%, Why The Bulls Are Back In Control

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Bitcoin

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Ripple started a strong rise after forming a base above $0.2550 against the US Dollar. XRP price is currently rallying and it is likely to continue higher towards $0.3500.

  • Ripple is up over 15% and it showing a lot of positive signs above $0.3000 against the US dollar.
  • The price broke many hurdles near $0.2880 and the 100 simple moving average (4-hours).
  • There was a break above a crucial contracting triangle with resistance near $0.2825 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to accelerate higher towards the $0.3400 and $0.3600 resistance levels in the near term.

Ripple’s XRP Price is Gaining Momentum

In the past few days, ripple’s XRP price formed a strong support base above $0.2550 and $0.2650. As a result, the price started a strong increase and broke many important hurdles near $0.2800 and $0.2820.

There was also a break above a crucial contracting triangle with resistance near $0.2825 on the 4-hours chart of the XRP/USD pair. It opened the doors for more gains above the $0.3000 level and the 100 simple moving average (4-hours).

Ripple (XRP)

Source: XRPUSD on TradingView.com

The price cleared the 50% Fib retracement level of the downward move from the $0.3685 high to $0.2589 low. XRP is up over 15% and it outperformed bitcoin and ethereum.

An immediate resistance is near the $0.3420 zone. It is close to the 76.4% Fib retracement level of the downward move from the $0.3685 high to $0.2589 low. A successful close above the $0.3420 level could accelerate gains and the price might surge towards $0.3550 and $0.3600. Any more gains could lead the price towards the $0.4000 level.

Fresh Dips in XRP?

If ripple starts a downside correction, it could find support near the $0.3120 level. The first major support is near the $0.3000 level, where the bulls are likely to take a stand.

A major breakdown zone seems to be forming near the $0.2820 level and the 100 simple moving average (4-hours). A break below $0.2820 and $0.2800 could push the price into a bearish zone in the near term.

Technical Indicators

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

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.

Major Support Levels – $0.3120, $0.3000 and $0.2820.

Major Resistance Levels – $0.3350, $0.3420 and $0.3550.

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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

Ad discliamer

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