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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price (XRP) Trend Near-Term Negative, Similar To Bitcoin

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price recovered recently above $0.3100, but struggled to break $0.3140 against the US dollar.
  • The price is currently declining and it might even break the $0.3050 support area in the near term.
  • There is a key bearish trend line forming with resistance near $0.3105 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price remains at a risk of more downsides as long as there is no break above $0.3140-0.3150.

Ripple price is currently following a bearish pattern against the US Dollar, similar to bitcoin. XRP price could decline heavily if there is a daily close below the $0.3030 support.

Ripple Price Analysis

After a sharp decline, there was an upside correction in bitcoin, Ethereum and ripple against the US Dollar. The XRP/USD pair traded as low as $0.2992 and recovered above the $0.3050 and $0.3100 levels. Moreover, the price recovered above the $0.3120 resistance level. However, the recovery was capped by the $0.3140 resistance zone. The 100 hourly simple moving average (currently at $0.3122) also prevented an upside break.

A swing high was formed near $0.3142 and the price recently corrected lower. The $0.3050 support level prevented a downside break and the price moved back above $0.3080. Additionally, there was a break above the 50% Fib retracement level of the downward move from the $0.3142 high to $0.3056 low. However, the bulls were not able to gain momentum and the price was capped near $0.4100.

The 61.8% Fib retracement level of the downward move from the $0.3142 high to $0.3056 low acted as a resistance. More importantly, there is a key bearish trend line forming with resistance near $0.3105 on the hourly chart of the XRP/USD pair. Above the trend line, the 100 hourly SMA is near the $0.3120 level to cap gains. The main resistance is near the $0.3140-0.3150 area, above which the price could start a strong upward move.

Conversely, if the price fails to break the $0.3100 or $0.3120 resistance, it could continue to slide. An immediate support is near the $0.3050 level. The main support is near $0.3030. If there is a daily close below the $0.3030 and $0.3020 support levels, the price could decline heavily towards $0.2850.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading in a downtrend below $0.3140. Having said that, the $0.3030 support holds the key. As long as the price is above $0.3030, it could stage a solid recovery above $0.3140.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 40 level.

Major Support Levels – $0.3050, $0.3030 and $0.3000.

Major Resistance Levels – $0.3100, $0.3120 and $0.3140.

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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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