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Ripple Price Analysis: XRP Primed for More Declines

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

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  • Ripple price corrected higher, but it failed to move above $0.2900 and $0.2920 against the US dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistance near $0.2890 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must break the $0.2900 and $0.2920 resistance levels to start a short term upward move.

Ripple price is trading in a bearish zone with a negative angle against the US Dollar and Bitcoin. XRP/USD could continue to move down and it may even break the $0.2850 support level.

Ripple Price Analysis

After trading as low as $0.2850, ripple started a minor upside correction against the US Dollar. The XRP/USD pair traded above the $0.2860 and $0.2880 resistance levels. It also moved above the 23.6% Fib retracement level of the recent decline from the $0.2987 high to $0.2849 low. However, there was a strong rejection near the $0.2910 and $0.2920 resistance levels. The price even failed to test the $0.2930 pivot level and later traded in a tight range. More importantly, it slowly traded lower and settled below $0.2900 plus the 100 hourly simple moving average.

On the upside, there are many hurdles near the $0.2900 and $0.2920 levels. Besides, yesterday’s highlighted key bearish trend line is intact with resistance near $0.2890 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent decline from the $0.2987 high to $0.2849 low is also near $0.2918. Therefore, the price is likely to struggle near the $0.2900 and $0.2920 resistance levels. On the downside, an initial support is at $0.2850, below which there is a risk of a drop to $0.2800.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly placed in a bearish zone below $0.2920. As long as the price is below the $0.2930 pivot, sellers remain in action. They could soon push the price below $0.2850 and $0.2820 in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is back below the 50 and 45 levels, with bearish signs.

Major Support Level – $0.2850

Major Resistance Level – $0.2920

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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
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