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Ripple (XRP) Smashes Key Resistance: Dips Could Be Attractive To The Bulls
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Ripple (XRP) Smashes Key Resistance: Dips Could Be Attractive To The Bulls

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read

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Ripple rallied further 4% and it cleared the main $0.2550 resistance against the US Dollar. XRP price is now showing bullish signs, and dips could find strong bids near $0.2500 or $0.2450.

  • Ripple extended its rally above the $0.2520 and $0.2550 resistance levels against the US dollar.
  • The price traded to a new weekly high at $0.2589 and settled above the 100 simple moving average (4-hours).
  • There was a break above a significant bearish trend line with resistance near $0.2425 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct lower, but the previous resistance near $0.2550 or $0.2450 could provide support.

Ripple Price Extends Rally

Yesterday, we saw a sharp rise in ripple above the $0.2450 resistance level. XRP even spiked above the $0.2500 resistance and tested the key $0.2550 resistance.

There was also a break above a significant bearish trend line with resistance near $0.2425 on the 4-hours chart of the XRP/USD pair. Later, there was a minor downside correction towards the $0.2450 support level. The bulls remained active above $0.2450, and the price started a fresh rally.

It broke many important hurdles near $0.2500 and $0.2550 to move further into a positive zone. XRP traded to a new weekly high at $0.2589 and settled above the 100 simple moving average (4-hours).

Ripple Price

Ripple (XRP) price spikes above $0.2550. Source: TradingView.com

It is currently consolidating gains near the $0.2560 level. An initial support on the downside is near the $0.2550 level. The first key support is near the $0.2520 level or the 23.6% Fib retracement level of the recent rally from the $0.2293 low to $0.2589 high.

On the upside, the $0.2580 and $0.2600 levels are short-term hurdles. A successful close above the $0.2600 resistance could open the doors for more gains towards the $0.2680 and $0.2700 levels in the near term.

Dips Likely To Be Supported in XRP

If ripple starts a downside correction, the $0.2520 level might provide support. The next key support is near the $0.2500 level.

The main support seems to be forming near the $0.2450 level. It is also close to the 50% Fib retracement level of the recent rally from the $0.2293 low to $0.2589 high. Any further losses could lead the price towards $0.2400 or the 100 simple moving average (4-hours).

Technical Indicators

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

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 60 level, with overbought conditions.

Major Support Levels – $0.2550, $0.2520 and $0.2450.

Major Resistance Levels – $0.2580, $0.2620 and $0.2700.

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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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