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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price Analysis: XRP Following Downtrend Channel Below $0.3200

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

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  • Ripple price declined further below $0.3080 and tested the $0.3000 support area against the US dollar.
  • The price traded as low as $0.2983 and it is currently correcting above the $0.3050 level.
  • There is a major declining channel in place with resistance near the $0.3145 level on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to face a lot of hurdles near the $0.3150, $0.3185 and $0.3200 resistance levels.

Ripple price moved back in a bearish zone against the US Dollar and bitcoin. XRP/USD declined steadily before it bounced back after testing the $0.3000 support level.

Ripple Price Analysis

Yesterday, we discussed the chances of more losses towards $0.3000 in ripple price against the US Dollar. The XRP/USD pair failed to hold gains above the $0.3200 support and later declined. It broke the $0.3145 and $0.3150 support levels to move into a bearish zone. There was a proper close below the $0.3150 level and the 100 hourly simple moving average. The price traded below the $0.3050 support and even spiked below the $0.3000 level. A new intraday low was formed at $0.2983 before the price started an upside correction.

Buyers pushed the price above $0.3050 and the 23.6% Fib retracement level of the recent drop from the $0.3389 high to $0.2983 low. However, there is a strong resistance formed near the $0.3145 and $0.3150 levels. More importantly, there is a major declining channel in place with resistance near the $0.3145 level on the hourly chart of the XRP/USD pair. Above the channel resistance, the 100 hourly SMA is positioned near the $0.3150 level. The next key resistance is near the $0.3185 level. It represents the 50% Fib retracement level of the recent drop from the $0.3389 high to $0.2983 low.

If there is an upside break above $0.3150, the price could face sellers near $0.3185 or $0.3200. On the other hand, if the price fails to move above $0.3200, there could be a fresh decline. An initial support is near the $0.3050 level, below which the price may revisit $0.3000.

Ripple Price Analysis XRP USD

Looking at the chart, ripple price seems to be trading in a bearish zone below $0.3200. As long as XRP is placed below $0.3185 and $0.3200, it remains in a downtrend. On the downside, a break below the $0.3000 support will likely push the price towards the $0.2850 level in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is likely to remain flat in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD failed to stay above the 50 level and moved to 45.

Major Support Levels – $0.3050, $0.3020 and $0.3000.

Major Resistance Levels – $0.3150, $0.3185 and $0.3200.

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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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