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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’s Previous Support Now Resistance

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

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  • Ripple price failed to stay above the $0.3000 support and declined heavily below $0.2900 against the US dollar.
  • Yesterday’s highlighted important bearish trend line is in place with resistance at $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair recovered nicely after trading as low as $0.2777, but it is facing sellers near $0.2950.

Ripple price declined sharply and gained bearish momentum against the US Dollar and Bitcoin. XRP/USD is currently facing a solid resistance near previous supports at $0.2950.

Ripple Price Analysis

Yesterday, we saw the start of a major decline below the $0.3100 support in ripple price against the US Dollar. The XRP/USD pair even failed to stay above the $0.3000 support and extended its decline. It broke the $0.2950 and $0.2920 support levels. The drop was sharp and sellers pushed the price below $0.2800. A low was formed at $0.2777 and the price placed itself well below the 100 hourly simple moving average. Later, there was a sharp bounce and recovery above the $0.2850 level.

The price traded above the 50% Fib retracement level of the recent drop from the $0.3071 high to $0.2777 low. However, the upside move was capped by the previous support near $0.2950. Moreover, the 61.8% Fib retracement level of the recent drop from the $0.3071 high to $0.2777 low acted as a resistance. More importantly, yesterday’s highlighted important bearish trend line is in place with resistance at $0.2980 on the hourly chart of the XRP/USD pair. Therefore, as long as the price is below the $0.2950 and $0.3000 levels, it remains in a downtrend. On the downside, an initial support is at $0.2880, followed by $0.2840.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price recovered nicely from the $0.2777 swing low. However, it is struggling to clear the previous key supports just below $0.3000. As long as the price is below $0.3000, there could be more losses.

Technical Indicators

Hourly MACD – The MACD for XRP/USD moved back in the bullish zone, but there are still many bearish signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recovered and settled above the 45 level.

Major Support Level – $0.2840

Major Resistance Level – $0.2980

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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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