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Charted: Ripple (XRP) Signaling Next Crucial Break, $0.62 A Key Barrier

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple (XRP)

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Ripple is trading in a contracting range above $0.6000 against the US Dollar. XRP price is setting up for a major break either above $0.6200 or below $0.5800.

  • Ripple is showing a few positive signs above $0.6000 and $0.5800 against the US dollar.
  • The price is stuck above $0.6000 and the 100 simple moving average (4-hours).
  • There is a crucial contracting triangle forming with resistance at $0.6130 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a strong upward move if there is a clear break above $0.6150 and $0.6200.

Ripple’s XRP Price is Facing Major Resistance

After testing the $0.5500 support area, ripple’s XRP price started a steady recovery. There was a break above the $0.5750 and $0.5800 resistance levels to move into a short-term bullish zone.

The price traded above the 23.6% Fib retracement level of the downward move from the $0.6847 high to $0.5446 low. It is now trading above the $0.6000 level and the 100 simple moving average (4-hours). On the upside, the price is facing a major resistance near $0.6150 and $0.6200.

Ripple’s XRP Price

There is also a crucial contracting triangle forming with resistance at $0.6130 on the 4-hours chart of the XRP/USD pair. The contracting triangle is close to the 50% Fib retracement level of the downward move from the $0.6847 high to $0.5446 low.

A close above the $0.6150 and $0.6200 resistance levels could open the doors for a sharp increase. A successful close above the $0.6200 resistance could lift the price towards the $0.6500 resistance level. Any more upsides might lead the price towards the $0.6800 zone. An intermediate resistance is seen near the $0.6720.

Downside Break in XRP?

If ripple fails to surpass the $0.6150 and $0.6200 resistance levels, it could decline heavily. An initial support on the downside is near the $0.6000 level.

The first major support is now forming near the $0.5800 level. A break below the triangle support zone and the 100 simple moving average (4-hours) might call for a sharp decline. The next major support is seen near the $0.5500 level.

Technical Indicators

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

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

Major Support Levels – $0.6000, $0.5800 and $0.5750.

Major Resistance Levels – $0.6150, $0.6200 and $0.6500.

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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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