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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ripple Price (XRP) Bearish Scenario Active: BTC & ETH Nosedives

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

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  • Ripple price is trading in a bearish zone and recently broke the $0.2500 support against the US dollar.
  • Bitcoin price is down around 5% and Ethereum price declined close to 10%.
  • There is a key bearish trend line forming with resistance near $0.2610 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • It seems like yesterday’s discussed bearish scenario is active and the price could soon test $0.2400.

Ripple price is under a lot of pressure below $0.2650 against the US Dollar, similar to bitcoin. XRP price is likely to extend its decline below $0.2450 and $0.2420.

Ripple Price Analysis

Yesterday, we discussed possible scenarios and bigger picture for ripple against the US Dollar. XRP price failed to climb above the main $0.2750 and $0.2800 resistance levels. Moreover, it settled below the $0.2750 level and the 100 hourly simple moving average. As a result, the bears took control and pushed the price further lower below the $0.2650 and $0.2600 support.

The bearish scenario seems to be active as the price even broke the $0.2580 and $0.2500 supports to hit most targets as discussed in yesterday’s post. The price traded as low as $0.2461 before starting an upside correction. It recovered above the $0.2550 level plus the 23.6% Fib retracement level of the recent drop from the $0.2702 high to $0.2461 low.

However, there are many hurdles on the upside, starting with $0.2580. The stated $0.2580 level was a support earlier and now it could stop the upside. Moreover, it coincides with the 50% Fib retracement level of the recent drop from the $0.2702 high to $0.2461 low. There is also a key bearish trend line forming with resistance near $0.2610 on the hourly chart of the XRP/USD pair.

Therefore, the price is likely to struggle to surpass the $0.2580 and $0.2600 resistance levels. On the downside, an immediate support is near the $0.2500 level. If there is a fresh decline below $0.2500, the price could continue to move down towards the $0.2460 and $0.2420 levels. The next major support for the bulls is near the $0.2400 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is showing a lot of bearish signs below the $0.2650 resistance level. Therefore, there are high chances of another downward drift towards the $0.2450 and $0.2420 support levels. On the upside, a close above $0.2580 and $0.2600 is needed for a decent recovery.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly reducing its recent bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to move back above the 30 level.

Major Support Levels – $0.2500, $0.2450 and $0.2420.

Major Resistance Levels – $0.2580, $0.2600 and $0.2650.

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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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