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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Facing Hurdles While Bitcoin, Ethereum Turn North

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

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  • Ripple price formed a decent support near the $0.3100 level and moved higher against the US dollar.
  • The price broke the $0.3150 resistance, but upsides remain capped near the $0.3200 level.
  • There was a break above a key bearish trend line with resistance at $0.3145 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair faced a strong resistance near $0.3200 and it corrected towards the $0.3150 support.

Ripple price failed to hold gains against the US Dollar, but upsides were limited versus bitcoin. XRP/USD is currently consolidating above $0.3140 and it could slowly move higher.

Ripple Price Analysis

Recently, ripple price formed a solid support near the $0.3100 level against the US Dollar. The XRP/USD pair started a nice upward move and traded above the $0.3120 and $0.3140 resistance levels. There was even a close above the $0.3140 resistance and the 100 hourly simple moving average. The upward move was strong as the price cleared the 76.4% Fib retracement level of the last drop from the $0.3185 high to $0.3095 low.

Besides, there was a break above a key bearish trend line with resistance at $0.3145 on the hourly chart of the XRP/USD pair. The pair climbed above the $0.3180 level, but it faced a strong resistance near the $0.3200 level. The current price action in bitcoin and Ethereum seems to be positive, but ripple failed to remain in a positive zone. It corrected lower below $0.3180 and the 23.6% Fib retracement level of the recent wave from the $0.3094 low to $0.3201 high.

However, the $0.3150 level is acting as a support, which was a resistance earlier. The 50% Fib retracement level of the recent wave from the $0.3094 low to $0.3201 high also acted as a hurdle. At the moment, it seems like there is a short term channel formed with support at $0.3150. Therefore, as long as the price is above $0.3150, there are chances of a fresh upside towards the $0.3200 barrier.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly struggling to clear the $0.3200 barrier. If there is a bearish break below the $0.3150 and $0.3140 supports, there is a risk of a fresh drop. The next key support is at $0.3100, which prevented losses on many occasions in the past three days. Overall, traders can keep a close eye on $0.3140 for the next move in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD could move back in bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 55 level.

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

Major Resistance Levels – $0.3180, $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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