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Ripple Technical Analysis – XRP/USD Consolidates Near $0.2000

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price after a correction from the $0.2180 high against the US Dollar started trading in a range.
  • There is a short-term channel forming with support at $0.1960 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price remains supported on the downside as long as there is no close below $0.1960.

Ripple price is trading in a range against the US Dollar and Bitcoin. XRP/USD needs a close above $0.2050 to gain upside momentum.

Ripple Price Support

This past week we saw a decent rise in Ripple price towards the $0.2200 level against the US Dollar. The price traded as high as $0.2165 before finding sellers. Later, the price started a downside correction and traded below the $0.2100 support and the 50% Fib retracement level of the last wave up from the $0.1850 low to $0.2165 high. There was even a break of the $0.2000 handle once, but the $0.1950-0.1960 support prevented further declines.

As a result, the price started trading in a range above the $0.1960 level. There is a short-term channel forming with support at $0.1960 on the hourly chart of the XRP/USD pair. The pair recently tested the 38.2% Fib retracement level of the last decline from the $0.2168 high to $0.1960 low, but failed to break it. It started trading in a range with resistance at $0.2050 and support above $0.1960.

Ripple Price Technical Analysis XRP USD

At present, the pair is flirting with the 100 hourly simple moving average at $0.2010 and is showing no major bullish signs. There is a chance of XRP declining back towards $0.1960 to fill buy orders before attempting an upside break.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is mostly flat with no major bullish signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.

Major Support Level – $0.1960

Major Resistance Level – $0.2050

 

Charts courtesy – Trading View, Kraken

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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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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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