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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ripple Price (XRP) Showing Recovery Signs, Bitcoin Back Above $10.2K

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

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  • Ripple price trimmed losses after it traded as low as $0.2336 against the US dollar.
  • The price is currently trading above the $0.2500 pivot level with a few positive signs.
  • A major contracting triangle pattern is forming with resistance near $0.2670 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to recover towards the $0.2800 resistance as long as it is above the $0.2500 support.

Ripple price is showing signs of a decent recovery against the US Dollar, while bitcoin recovered 3%. XRP price must stay above the $0.2500 support area to continue its upside.

Ripple Price Analysis

Yesterday, there was a strong decline in Ethereum, bitcoin and ripple price against the US Dollar. The XRP/USD pair declined sharply below the $0.2800 and $0.2500 support levels. Finally, the price settled below the 100 hourly simple moving average and a swing low was formed at $0.2336. Recently, the price started a decent recovery and climbed above the $0.2400 and $0.2500 levels.

Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $0.3088 swing high to $0.2336 swing low. However, the price is facing a strong resistance near the $0.2650 and $0.2700 levels. More importantly, the 50% Fib retracement level of the downward move from the $0.3088 swing high to $0.2336 swing low is acting as a hurdle.

At the moment, there is a major contracting triangle pattern is forming with resistance near $0.2670 on the hourly chart of the XRP/USD pair. If there is an upside break above the $0.2670 and $0.2700 resistances, ripple price could continue to recover. The next key resistance is near the $0.2850 level and the 100 hourly SMA. If there are more gains, the price could test the $0.3000 resistance area.

Conversely, if there is a bearish break below the $0.2550 and $0.2500 support levels, the price could resume its decline. An immediate support below $0.2500 is near $0.2400. If the price fails to stay above $0.2400 or $0.2350, there could be a sharp drop towards the $0.2200 support area.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is facing an uphill task near the $0.2650 and $0.2700 levels. However, the current price action suggests that the price might climb higher towards $0.2800 and $0.2850. If not, there is a risk of another strong decline below the $0.2500 support area in the near term.

Technical Indicators

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

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

Major Support Levels – $0.2550, $0.2500 and $0.2400.

Major Resistance Levels – $0.2670, $0.2700 and $0.2800.

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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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