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Ripple Price Analysis: XRP Signaling Bearish Extension In Short Term

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 $0.3250 and $0.3200 support levels and declined against the US dollar.
  • This week’s followed major bullish trend line was breached with support near $0.3245 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair declined below $0.3200 and tested the next key support near the $0.3140 level.
  • The current price action is slightly bearish, suggesting more losses towards the $0.3050 support area.

Ripple price failed to hold gains and declined recently against the US Dollar and bitcoin. XRP/USD could decline towards the $0.3050 support before it can start a fresh upward move.

Ripple Price Analysis

Yesterday, we discussed a few important support levels near the $0.3250 level for ripple price against the US Dollar. Recently, the XRP/USD pair started a downside move from well above the $0.3400 level and declined below the $0.3300 and $0.3280 supports. Later, the price found a strong support near the $0.3250 level. More importantly a crucial breakout pattern was formed with support near $0.3250. However, buyers failed to hold gains, resulting in a sharp decline below $0.3250.

During the decline, the price broke the $0.3220 support and the 100 hourly simple moving average. Besides, this week’s followed major bullish trend line was breached with support near $0.3245 on the hourly chart of the XRP/USD pair. The pair even traded below $0.3160 and tested the $0.3150 support. A low was formed at $0.3144 and the price is currently correcting higher. It is testing the 23.6% Fib retracement level of the recent drop from the $0.3337 high to $0.3144 low. However, there are many hurdles on the upside near the $0.3190 and $0.3200 levels.

There is also a bearish trend line in place with resistance near $0.3200 and the 100 hourly SMA. Therefore, a successful break above $0.3200 is needed for a decent recovery. The next resistance could be $0.3250 and the 50% Fib retracement level of the recent drop from the $0.3337 high to $0.3144 low.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price likely moved into a bearish zone below the $0.3250 support level. The current price action is slightly bearish, suggesting more losses towards the $0.3050 support area. Having said that, losses could be limited and sooner or later the price may bounce back above $0.3200. Finally, a close above $0.3250 will most likely boost the market sentiment in favor of buyers.

Technical Indicators

Hourly MACD – The MACD for XRP/USD recovered and moved back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recovered recently, but failed near the 50 level.

Major Support Levels – $0.3150, $0.3140 and $0.3100.

Major Resistance Levels – $0.3200, $0.3240 and $0.3250.

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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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