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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ripple Price Analysis: XRP/USD Must Break $0.4950 for Upside Acceleration

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ripple

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Key Highlights

  • Ripple price is struggling near the $0.4950 and $0.5000 resistance levels against the US dollar.
  • Yesterday’s highlighted key bearish trend line is active with resistance at $0.4940 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must break the $0.4950 and $0.5000 hurdles to accelerate higher in the near term.

Ripple price is trading in a bearish zone against the US Dollar and Bitcoin. XRP/USD could gain upside momentum if buyers push the price above $0.4950.

Ripple Price Analysis

Yesterday, we saw a downside reaction below the $0.5000 level in Ripple price against the US Dollar. The XRP/USD pair traded towards the $0.4600 level and formed a low at $0.4619. Later, there was an upside correction above the $0.4800 level. There was a break above the 23.6% Fib retracement level of the last slide from the $0.5283 high to $0.4619 low. However, the upside move was protected by the $0.5000 resistance and the 100 hourly simple moving average.

More importantly, yesterday’s highlighted key bearish trend line is active with resistance at $0.4940 on the hourly chart of the XRP/USD pair. Additionally, the 50% Fib retracement level of the last slide from the $0.5283 high to $0.4619 low is at $0.4950. The pair seems to be finding a strong selling interest near the trend lines, 100 SMA, and the $0.4950 level. A break above this could increase chances of a push above the $0.5000 resistance. If buyers succeed in clearing the $0.5000 resistance, the next target could be $0.5120.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly struggling near the $0.4950 and $0.5000 resistance levels. As long as the price is below the $0.5000 level, it could decline back to $0.4700 or $0.4600.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has moved back below the neutral 50 level.

Major Support Level – $0.4700

Major Resistance Level – $0.4950

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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

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