Ripple started a strong increase from the $0.1820 support zone against the US Dollar. XRP price seems to have formed a double bottom pattern and it could rise further towards $0.2000.
Ripple is up more than 4% and it is now trading above $0.1900 against the US dollar.
A double bottom pattern is likely forming near the $0.1820 support zone.
There was a break above a key bearish trend line with resistance near $0.1910 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to break the $0.1950 resistance to continue higher.
Ripple Price Recovers 4%
Ripple price extended its decline below the $0.1880 support level, but it remained stable above the $0.1825 support. XRP seems to have formed a double bottom pattern near the $0.1820 level.
Recently, there was a sharp recovery wave in bitcoin and ripple above $9,400 and $0.1900 respectively. XRP managed to clear many key hurdles near the $0.1900 level and the 100 hourly simple moving average to move into a positive zone.
The bulls pushed the price above the 76.4% Fib retracement level of the downward move from the $0.1922 high to $0.1818 low. There was also a break above a key bearish trend line with resistance near $0.1910 on the hourly chart of the XRP/USD pair.
XRP Price Recovers 4%. Source:
The pair is now trading above the $0.1922 high and it is likely to test the $0.1950 resistance. It coincides with the 1.236 Fib extension level of the downward move from the $0.1922 high to $0.1818 low.
If ripple surpasses the $0.1950 resistance, it is likely to test the $0.2000 resistance zone to complete the double bottom pattern. Any further gains could lead the price towards the $0.2020 resistance zone in the near term.
Fresh Decline in XRP?
The $0.1950 level is a major hurdle for ripple, followed by the $0.2000 pivot level. Therefore, there are chances of a bearish reaction from $0.1950 or $0.2000.
On the downside, an initial support is near the $0.1900 level and the 100 hourly SMA. The main support is at $0.1888, below which the price is likely to resume its decline.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Major Support Levels – $0.1900, $0.1880 and $0.1820.
Major Resistance Levels – $0.1950, $0.2000 and $0.2020.
Risk disclaimer: 76.4% of retail CFD accounts lose money.
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.
Read more
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.
Close
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.
