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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ripple Price Analysis: XRP Flirts With Key Resistance Amid Sell-off

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis ripple

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  • Ripple price failed once again to break the $0.3200 resistance and declined sharply against the US dollar.
  • The price broke the key $0.3125 and $0.3100 support levels to move into a bearish zone.
  • There is a major bearish trend line formed with resistance at $0.3110 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently correcting higher, but it is facing a solid hurdle near the $0.3100 pivot level.

Ripple price declined heavily and turned bearish against the US Dollar and bitcoin. XRP/USD may consolidate in the short term and upsides are likely to remain capped near $0.3100 and $0.3120.

Ripple Price Analysis

There was another attempt by ripple price to clear the $0.3200 resistance against the US Dollar. The XRP/USD pair failed to gain momentum, resulting in a sharp bearish reaction. The price started a significant decline and broke the $0.3150 and $0.3140 support levels. The decline was such that the price even broke the key $0.3100 support level and the 100 hourly simple moving average. A new weekly low was formed near the $0.3000 level before the price started an upside correction.

Buyers pushed the price above $0.3050 and the 23.6% Fib retracement level of the last drop from the $0.3199 high to $0.3005 low. There was even a break above the $0.3080 resistance, but the price faced a strong resistance near the $0.3100 level. The stated $0.3100 level acted as a support earlier and now it is preventing gains. Besides, the 50% Fib retracement level of the last drop from the $0.3199 high to $0.3005 low is also near the $0.3100 resistance. More importantly, there is a major bearish trend line formed with resistance at $0.3110 on the hourly chart of the XRP/USD pair.

Therefore, the price is likely to face a strong selling interest near the $0.3100 level. The next key resistance is near the $0.3125 level since it coincides with the 100 hourly SMA. On the downside, an initial support is near the $0.3060, below which the price could revisit the $0.3000 support level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price moved into a bearish zone, with a close below $0.3100 and the 100 hourly SMA. In the short term, there could be range moves between $0.3060 and $0.3125 before the price makes the next move. On the downside, if buyers fail to defend the $0.3000 support, the price may slide towards the $0.2920 support.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher towards the 45 level.

Major Support Levels – $0.3060, $0.3040 and $0.3000.

Major Resistance Levels – $0.3100, $0.3120 and $0.3125.

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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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