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Ripple (XRP) Price Analysis: Fresh Increase or Further Decline?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Price Analysis techanalysis XRP

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  • Ripple price started a downside correction after testing the $0.3100 resistance against the US dollar.
  • The price traded below the $0.3080, $0.3065 and $0.3060 support levels.
  • A replica of the previous ascending channel is formed with support at $0.3050 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to extend the correction towards the $0.3025 support before a fresh increase.

Ripple price corrected lower recently from important resistances against the US Dollar and bitcoin. XRP/USD is likely to find a strong buying interest on dips near $0.3025 and $0.3010.

Ripple Price Analysis

Recently, we saw a solid rebound in ripple price above the $0.3000 pivot level against the US Dollar. The XRP/USD pair even settled above the $0.3025 resistance and the 100 hourly simple moving average. There was an upside extension above the $0.3065 and $0.3080 levels. However, the price faced a strong selling interest near the $0.3100 level. A swing high was formed at $0.3099 and later the price started a downside correction.

It corrected below the $0.3080 support and the 23.6% Fib retracement level of the last leg from the $0.2955 low to $0.3100 swing high. Later, there was a break below a short term ascending channel $0.3065 on the hourly chart of the XRP/USD pair. Finally, there was a break towards the $0.3025 support and the 100 hourly SMA. The price traded close to the 50% Fib retracement level of the last leg from the $0.2955 low to $0.3100 swing high. At the outset, the price is rebounding and trading above the $0.3040 level.

More importantly, a replica of the previous ascending channel is formed with support at $0.3050 on the same chart. Therefore, there are chances of another dip towards the $0.3025 support and the 100 hourly SMA. If there are more losses, the next support is near the $0.3010 level. It represents the 61.8% Fib retracement level of the last leg from the $0.2955 low to $0.3100 swing high.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price might dip in the short term, but it remains supported near the $0.3025 and $0.3010 levels. The next main support is at $0.3000, below which the price may move back in a bearish zone. On the upside, an initial resistance is near the $0.3080 level. An upside extension could lead the price towards the $0.3100 resistance. Finally, a break above $0.3100 is likely to push the price towards $0.3200.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently flat in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards the 50 level.

Major Support Levels – $0.3050, $0.3025 and $0.3010.

Major Resistance Levels – $0.3080, $0.3095 and $0.3100.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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