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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ripple Price (XRP) Holding Ground While Bitcoin Dived 15%

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

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  • Ripple price failed to climb above the $0.3230 resistance and resumed decline against the US dollar.
  • The price broke the $0.3000 support level and traded to a new monthly low at $0.2835.
  • This week’s followed bearish trend line is active with resistance at $0.3075 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could decline below $0.2800 if it continues to struggle near $0.3075 and $0.3100.

Ripple price is holding an important support against the US Dollar, while bitcoin and Ethereum dived nearly 15%. XRP price could extend its decline if there is a break below the $0.2800 support.

Ripple Price Analysis

Yesterday, we saw a decent upside correction in ripple price above $0.3100 against the US Dollar. However, the XRP/USD pair struggled to gain momentum above the $0.3200 and $0.3230 resistance levels. The price topped near the $0.3230 level and remained well below the 100 hourly simple moving average. As a result, there was a fresh bearish reaction and the price declined below the $0.3150 and $0.3100 support levels.

More importantly, the recent significant decline bitcoin and Ethereum pushed ripple price below the $0.3000 support level. However, losses were limited and the price traded to a new monthly low at $0.2835. It even corrected higher above the $0.3000 level plus the 50% Fib retracement level of the recent decline from the $0.3237 high to $0.2835 low. The upward move was capped by the $0.3080 level.

The price failed to break the 61.8% Fib retracement level of the recent decline from the $0.3237 high to $0.2835 low. Moreover, this week’s followed bearish trend line is active with resistance at $0.3075 on the hourly chart of the XRP/USD pair. Therefore, the price might struggle to break the $0.3075 and $0.3100 resistance levels. If there is an upside break above $0.3100, the price could correct towards the $0.3200 level and the 100 hourly SMA.

On the other hand, if the price fails to break the $0.3100 resistance, it could slide again. An immediate support is near the $0.2900 level, below which the price may even break the recent low at $0.2835. The next important support is near the $0.2800 and $0.2780 levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently struggling to gain bullish momentum above $0.3000. Therefore, there is a risk of more losses below the $0.2900 and $0.2800 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 40 level, with a bearish angle.

Major Support Levels – $0.2850, $0.2800 and $0.2780.

Major Resistance Levels – $0.3075, $0.3100 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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