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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Ripple Price Analysis: XRP Remains at Risk of Further Declines

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

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  • Ripple price declined further and broke the $0.2940 and $0.2900 support levels against the US dollar.
  • There is a key bearish trend line in place with resistance near $0.2960 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is trading in a bearish zone and it could continue to move down towards $0.2820 or $0.2800.

Ripple price accelerated losses against the US Dollar and Bitcoin. XRP/USD settled below $0.2940 and any recovery from the current levels could find a strong selling interest.

Ripple Price Analysis

There was a daily close below the $0.3000 support in ripple against the US Dollar. The XRP/USD pair declined further and broke many important supports near the $0.2900 level. Sellers were able to clear the key $0.2940 support and the 100 hourly simple moving average. It opened the doors for more losses and the price declined below the $0.2900 support level. It traded to a new monthly low at $0.2867 and it seems like sellers are in full control. At the moment, the price is consolidating losses above $0.2870, with no bullish angle.

An initial resistance is the 23.6% Fib retracement level of the recent decline from the $0.3110 high to $0.2940 low.  However, the main resistances are near the $0.2920 and $0.2940 level. The previous support was also near $0.2940, which is likely to prevent gains. Besides, the 50% Fib retracement level of the recent decline from the $0.3110 high to $0.2940 low is near the $0.2930 level. Finally, there is a key bearish trend line in place with resistance near $0.2960 on the hourly chart of the XRP/USD pair. Therefore, if there is an upside correction, the price is likely to face sellers near $0.2920, $0.2930 and $0.2940.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple moved into a bearish zone below $0.2960. If sellers remain in action for a long time, there is a risk of a drop below the $0.2800 support level.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has reached the 20 level, with a bearish angle.

Major Support Level – $0.2850

Major Resistance Level – $0.2940

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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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