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Ripple Price Technical Analysis – XRP/USD’s Annoying Range

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

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Key Highlights

  • Ripple price remains in an annoying range above the $0.1960 support against the US Dollar.
  • This week’s highlighted major channel with current support at $0.1950 is placed well on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price might extend the current decline and likely to test the channel support in the near term.

Ripple price did not move much against the US Dollar and Bitcoin. However, sooner or later, XRP/USD has to break either $0.2050 or $0.1950.

Ripple Price Consolidation

During the past two days, there was not much action in Ripple price above $0.1950 against the US Dollar. The price continues to trade in a tiny range with resistance close to the $0.2050 level. Yesterday, there was an attempt to break the $0.2050 resistance, but buyers failed to gain momentum. There was a failure near the 38.2% Fib retracement level of the last move down from the $0.2160 high to $0.1965 low.

The most important point is the fact that this week’s highlighted major channel with current support at $0.1950 is placed well on the hourly chart of the XRP/USD pair. The pair is currently below $0.2020 and the 100 hourly simple moving average. Therefore, there are chances of more declines toward the channel support at $0.1950 in the near term. A close below $0.1950 would be a strong sell signal and the price could even trade towards $0.1900.

Ripple Price Technical Analysis XRP USD

On the upside, an initial resistance is close to the 100 hourly SMA at $0.2020. However, the most important hurdle is near the channel resistance at $0.2050. Only a close above $0.2050 would open the doors for further upsides toward $0.2160.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.

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

Major Support Level – $0.1950

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.

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.

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