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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price Technical Analysis – XRP/USD May Decline Further

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Key Highlights

  • Ripple price is trading well below the $0.5900 resistance and pivot level against the US dollar.
  • There is a major bearish trend line forming with resistance near the $0.5750 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains at a risk of more losses below the $0.5570 and $0.5500 levels in the near term.

Ripple price is in a major bearish zone against the US Dollar and Bitcoin. XRP/USD may accelerate declines below the $0.5500 level going forward.

Ripple Price Decline

There was no upside correction above $0.5800 and $0.5900 in Ripple price against the US Dollar. The price is still in a bearish zone well below the $0.5800 level. A low was formed at $0.5570 before the price corrected slightly. However, the $0.5900 level acted as a resistance. Moreover, the 38.2% Fib retracement level of the last downside move from the $0.6500 swing high to $0.5572 low also prevented upsides.

The main hurdle on the upside is near a major bearish trend line forming with resistance near the $0.5750 on the hourly chart of the XRP/USD pair. A break above trend line resistance is needed for more gains towards $0.5900. Above $0.5900, the 50% Fib retracement level of the last downside move from the $0.6500 swing high to $0.5572 low may act as the next resistance. Only a close above the $0.6000 level could open the doors for more corrections in the near term.

Ripple Price Technical Analysis XRP USD

On the downside, the price may soon break the $0.5572 low. The next major support is near the $0.5000 level. There can be a solid buying interest near the $0.5000 level since it is a key handle for XRP.

Looking at the technical indicators:

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

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

Major Support Level – $0.5570

Major Resistance Level – $0.5900

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.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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