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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price Analysis: XRP Revisits Key Support, Upsides Remain Capped

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

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  • Ripple price failed once again to stay above the $0.3400 resistance and declined against the US dollar.
  • There was a break below a triangle with support at 0.3350 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair broke the 0.3200 and 0.3140 support levels to enter a bearish zone.
  • The price could correct higher in the short term, but upsides are likely to be capped.

Ripple price declined heavily and settled below key supports against the US Dollar and bitcoin. XRP/USD is trading in a negative zone and it could continue to decline below $0.2950.

Ripple Price Analysis

Recently, ripple price gained bullish momentum after it broke the $0.3200 resistance against the US Dollar. The XRP/USD pair broke the $0.3300 and $0.3350 resistance levels. It even traded above the $0.3400 level, but buyers failed to capitalize. The pair topped near the $0.3420 level and later started a downside move. The decline was sharp as there was a break below the $0.3400 and $0.3200 support levels.

To initiate the decline, there was a break below a triangle with support at 0.3350 on the hourly chart of the XRP/USD pair. Sellers gained momentum and there was a close below the $0.3200 support and the 100 hourly simple moving average. Finally, there was a break below the $0.3000 support and the price traded as low as $0.2942. At the moment, the pair is correcting higher and traded near the $0.3000 level. There is also a declining channel in place with resistance near $0.3000 on the same chart. Should ripple break higher, it could revisit the $0.3050 zone. It coincides with the 23.6% Fib retracement level of the recent drop from the $0.3418 high to $0.2942 low.

To the upside, there are many hurdles for buyers near the $0.3140 level. The $0.3140 and $0.3150 levels acted as a support earlier and now they could prevent gains. Besides, the 50% Fib retracement level of the recent drop from the $0.3418 high to $0.2942 low is also near the $0.3180 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price moved into a bearish zone below the $0.3200 and $0.3140 support levels. In the short term, there could be a minor correction above $0.3000 and $0.3020, but upsides are likely to remain contained. On the downside, an initial support is near the $0.2940 level, below which there is a risk of more losses below $0.2900.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher towards the 40 level.

Major Support Levels – $0.2950, $0.2940 and $0.2900.

Major Resistance Levels – $0.3050, $0.3140 and $0.3150.

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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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