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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Near Make-or-Break Levels: Can Bulls Take Over?

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

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  • Ripple price formed support near the $0.3610 level and recently recovered against the US dollar.
  • The price traded towards $0.4300 and it is currently correcting lower towards $0.3900.
  • There is a short term rising channel forming with support near $0.3950 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to bounce back above $0.4100 or could decline sharply towards the $0.3610 support.

Ripple price seems to be following a decent bullish path against the US Dollar, but struggling vs bitcoin. XRP is likely to find a strong support near $0.3950 and it could climb back above $0.4100.

Ripple Price Analysis

After a strong decline, ripple price found support near the $0.3610 against the US Dollar. The XRP/USD pair started a decent rebound and traded above the $0.3850 and $0.4000 resistance levels. The recent recovered was convincing since the price traded towards $0.4200 and settled above the 100 hourly simple moving average. A swing high was formed at $0.4295 and the price recently corrected lower. It traded below the $0.4150 support and the 23.6% Fib retracement level of the recent leg from the $0.3632 low to $0.4295 high.

The price is now approaching a key support area near the $0.4000 and $0.3950 levels. There is also a short term rising channel forming with support near $0.3950 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent leg from the $0.3632 low to $0.4295 high is also near the $0.3960 level. Moreover, the 100 hourly simple moving average is also acting as a support near $0.3960. If there is a downside break below the $0.3960 support, there are chances of more losses.

The next key support is near the $0.3780 level. If there are further losses, the price may revisit the $0.3610 support area. Conversely, if the price bounce back, it could retest the $0.4200 and $0.4300 levels. Above $0.4300, the price is likely to rise towards the $0.4500 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading near a few important supports near the $0.3950 level. Therefore, the price could either bounce back or break $0.3950 to decline further. The technical structure is positive and it seems like there are chances of a fresh increase above $0.4200 and $0.4300. However, a successful follow through above $0.4300 could open the doors for more gains in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone, with a few negative signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 50 level, with a positive angle.

Major Support Levels – $0.3950, $0.3780 and $0.3610.

Major Resistance Levels – $0.4200, $0.4300 and $0.4500.

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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.

Read more

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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