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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Ripple Price Technical Analysis – XRP/USD Could Retest $0.5000

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price failed to move higher and it recently traded below $0.6000 against the US dollar.
  • There is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair is likely to extend the current decline towards the next support at $0.5000.

Ripple price is struggling a lot against the US Dollar and Bitcoin. XRP/USD could continue to move down and it may retest the $0.5000 support area in the near term.

Ripple Price Decline

There was no substantial recovery in Ripple price yesterday as it failed to move above the $0.7500 resistance area against the US Dollar. The price traded lower and it recently broke the $0.7000 support level. More importantly, there was a break below the 76.4% Fib retracement level of the last wave from the $0.6040 low to $0.9680 high. It opened the doors for more losses and the price moved below the $0.6000 swing low.

It seems like the price is under a lot of pressure and it could extend declines below $0.5500. The next major support is around the 1.236 Fib extension of the last wave from the $0.6040 low to $0.9680 high at $0.5181. However, there are high chances of XRP retesting the $0.5000 support area in the near term. On the upside, there is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair. If the pair corrects higher, it could face sellers near $0.6200 and $0.6500.

Ripple Price Technical Analysis XRP USD

Above $0.6500, there could be a recovery towards $0.8000. The overall bias is bearish in the short term and the price is likely to test $0.5000 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving near the oversold levels.

Major Support Level – $0.5000

Major Resistance Level – $0.6500

 

Charts courtesy – SimpleFX

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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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Comments 2

  1. roger says:
    8 years ago

    useless analysis

    Reply
  2. Andrew says:
    8 years ago

    for me, the programs that make purchases and sales of currencies automatically, in part, are responsible for the high and low values.
    In the same way that lowered the values now will make that climb in 3 days.

    Reply

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Comments 2

  1. roger says:
    8 years ago

    useless analysis

    Reply
  2. Andrew says:
    8 years ago

    for me, the programs that make purchases and sales of currencies automatically, in part, are responsible for the high and low values.
    In the same way that lowered the values now will make that climb in 3 days.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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