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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price (XRP) Breaks Key Support: More Downsides Likely

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

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  • Ripple price started a fresh decrease after it failed to break the $0.2920 resistance against the US dollar.
  • Bitcoin price is struggling to hold the main $10,500 support area.
  • This week’s followed bullish trend line with support near $0.2740 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently trading below the key $0.2700 support and it might accelerate its decline.

Ripple price is showing bearish signs below key supports against the US Dollar and bitcoin. XRP is currently at a risk of more downsides below the $0.2600 support.

Ripple Price Analysis

Recently, XRP price climbed above the $0.2800 and $0.2850 resistance levels against the US Dollar. However, the XRP/USD pair struggled to break the $0.2900 and $0.2920 resistance levels. A swing high was formed near $0.2918 and the price started a fresh decline. There was a break below the $0.2800 support and the 100 hourly simple moving average. Moreover, bitcoin and Ethereum are also struggling to hold key supports.

Ripple price is currently under pressure and it recently broke the $0.2750 support. Moreover, this week’s followed bullish trend line with support near $0.2740 was breached on the hourly chart of the XRP/USD pair. The pair declined below the 50% Fib retracement level of the upward move from the $0.2484 low to $0.2918 high. It has opened the doors for more losses below $0.2700.

An immediate support is near the $0.2650 level. It represents the 61.8% Fib retracement level of the upward move from the $0.2484 low to $0.2918 high. If there are more downsides, the price could decline towards the $0.2600 support. Any further losses is likely to lead the price towards the next important support area near the $0.2500 level.

On the upside, the previous support near the $0.2700 level is likely to act as a resistance. Additionally, the 100 hourly simple moving average is  near the $0.2750 level to prevent an upward move. Therefore, to start a fresh increase, the price must climb back above $0.2750 and the 100 hourly SMA.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is facing an increase in selling pressure below the 100 hourly SMA and the $0.2700 support. If the bulls fail to protect the $0.2650 support, the price is likely to accelerate its decline. The next major support is near the $0.2500 level, below which the bears might target a fresh monthly low.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently gaining strength in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining heavily below the 40 level.

Major Support Levels – $0.2650, $0.2600 and $0.2500.

Major Resistance Levels – $0.2700, $0.2750 and $0.2850.

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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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