XRP Price Rallies 15%, Why Ripple Could Outperform Bitcoin and Ethereum

Aayush Jindal

1 year ago

2 mins read

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Ripple started a strong increase above the $0.350 resistance against the US Dollar. XRP price is now attempting a key upside break above the $0.380 resistance.

Ripple started a fresh increase from the key $0.320 support zone against the US dollar.
The price is now trading below $0.400 and the 100 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $0.380 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
The pair could start a strong increase if it clears the $0.38 resistance zone.

Ripple Price Starts Fresh Increase

After a sharp decline, ripple’s XRP found support near $0.320 against the US Dollar. The bears made two attempts to push the price below the $0.32 support, but they failed.

The recent low was formed near $0.32 before there was a fresh increase. XRP price climbed over 15% and cleared the $0.35 resistance, outperforming bitcoin and ethereum. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.5099 swing high to $0.3200 swing low.

The price gained pace for a move above the $0.360 resistance. However, it is now trading below $0.400 and the 100 simple moving average (4-hours). It is now facing hurdles near $0.380. There is also a major bearish trend line forming with resistance near $0.380 on the 4-hours chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

A successful break above the $0.380 and $0.385 resistance levels could spark another rally. The next key resistance is near the $0.415 level. It is near the 50% Fib retracement level of the downward move from the $0.5099 swing high to $0.3200 swing low. Any more gains might send the price towards the $0.44 level.

Dips Limited in XRP?

If ripple fails to clear the $0.380 resistance zone, it could start a downside correction. An initial support on the downside is near the $0.365 level.

The next major support is near $0.342. If there is a downside break and close below the $0.342 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.320 support.

Technical Indicators

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

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

Major Support Levels – $0.365, $0.342 and $0.320.

Major Resistance Levels – $0.380, $0.385 and $0.415.

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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