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Ripple Price Technical Analysis – XRP/USD To Decline Further 2017-12-06

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

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Key Highlights

  • Ripple price is struggling to remain above the $0.2400 support and moved below $0.2380 against the US Dollar.
  • This is a major bearish trend line forming with resistance at $0.2450 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might decline further and it could even test the $0.2300 support in the near term.

Ripple price is under pressure against the US Dollar and Bitcoin. XRP/USD might extend its decline and trade towards $0.2300 or $0.2200.

Ripple Price Resistance

There was no major upside move in Ripple price above the $0.2500 level against the US Dollar. The price struggled to remain above the $0.2500 level and started a downside move. During the downside move, there was a break below a couple of important supports such as $0.2450 and the 50% Fib retracement level of the last upside wave from the $0.2200 swing low to $0.2670 high. The worst part was a close below $0.2450 and the 100 hourly simple moving average.

It seems like the price could continue to move lower towards $0.2300 in the near term. The next major support is near $0.2316 and the 76.4% Fib retracement level of the last upside wave from the $0.2200 swing low to $0.2670 high. However, there are chances of it declining back towards $0.2200 in the near term. On the upside, there is a major bearish trend line forming with resistance at $0.2450 on the hourly chart of the XRP/USD.

Ripple Price Technical Analysis XRP USD

The trend line resistance near $0.2450 is also around the 100 hourly SMA. Therefore, any major recovery should be limited by the $0.2450 level in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD has now moved from the bullish to bearish zone.

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

Major Support Level – $0.2300

Major Resistance Level – $0.2450

 

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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Comments 1

  1. Bill Landreth says:
    8 years ago

    Looking pretty good at $3 right now…..is it all due to the high costs of Satoshi?

    Reply

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Comments 1

  1. Bill Landreth says:
    8 years ago

    Looking pretty good at $3 right now…..is it all due to the high costs of Satoshi?

    Reply

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