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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price Technical Analysis – Can XRP/USD Hold $0.6100?

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 rise further and started a downside move from the $0.7246 high against the US dollar.
  • There is a major bearish trend line forming with resistance near $0.6850 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently trading just above the $0.6100 support and it remains at a risk of more losses.

Ripple price is under short-term pressure against the US Dollar and Bitcoin. XRP/USD must stay above the $0.6100 support to avoid further declines in the near term.

Ripple Price Decline

After trading above the $0.7000 level, Ripple price failed to hold gains against the US Dollar. The price started a downside move and traded below the $0.7000 level and the 100 hourly simple moving average. It also broke the 23.6% Fib retracement level of the last upside wave from the $0.5324 low to $0.7246 high. More importantly, there was a break below the $0.6500, which has opened the doors for more declines.

The downside move was such that the price even broke the $0.6400 support. More importantly, there was a break below the 50% Fib retracement level of the last upside wave from the $0.5324 low to $0.7246 high. At the moment, the price is testing a major support at $0.6100. It must hold the stated $0.6100 support, else there is a risk of more declines in the near term. On the upside, the broken $0.6400 support may act as a resistance.

Ripple Price Technical Analysis XRP USD

Above $0.6400, the next hurdle is at $0.6500, followed by a major bearish trend line forming with resistance near $0.6850 on the hourly chart of the XRP/USD pair. Moreover, the 100 hourly SMA is at $0.6700 to act as a resistance for an upside move.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is moving slowly in the bearish zone.

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

Major Support Level – $0.6100

Major Resistance Level – $0.6500

 

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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