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Ripple Price Technical Analysis – XRP/USD Trimming Gains 2018-03-06

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

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Key Highlights

  • Ripple price traded above the $1.08 level yesterday before starting a new downside against the US dollar.
  • There is a short-term connecting bullish trend line forming with support at $0.9350 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must stay above the $0.9300 level to avoid further declines in the near term.

Ripple price started a fresh downside wave against the US Dollar and Bitcoin. XRP/USD has to move above $0.9800 to move back in the bullish zone.

Ripple Price Support

There was an extension of yesterday’s move above $1.03 in Ripple price against the US Dollar. The price traded above the $1.05 and $1.08 resistance levels. It traded close to the $1.10 level and formed a high at $1.096 before sellers appeared. Later, a downside move was initiated and the price declined sharply below $1.05. There was a break below the 50% Fib retracement level of the last upside wave from the $0.8846 low to $1.0962 high.

Moreover, there was a break below the $0.9800 support level. However, the downside move was protected by the $0.9300 support and the 100 hourly simple moving average. The 76.4% Fib retracement level of the last upside wave from the $0.8846 low to $1.0962 high also acted as a support. Furthermore, there is a short-term connecting bullish trend line forming with support at $0.9350 on the hourly chart of the XRP/USD pair. The trend line support, $0.9300 and the 100 hourly SMA are acting as crucial supports and preventing declines.

Ripple Price Technical Analysis XRP USD

As long as the price is above $0.9300, it may bounce back. On the upside, a break above the $0.9800 level is needed for the price to move back towards $1.0300.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is reducing the last bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting higher from the 30 level.

Major Support Level – $0.9300

Major Resistance Level – $0.9800

 

Charts courtesy – Trading View

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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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