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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price (XRP) Rebound After 15% Drop Is Facing Resistance

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

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  • Ripple price declined sharply after it broke the $0.2650 and $0.2500 supports against the US dollar.
  • The price is down more than 10% and it recently traded close to the $0.2050 level.
  • Yesterday’s highlighted declining channel was breached with support near $0.2620 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is currently correcting higher, but it is facing hurdles near $0.2450 and $0.2550.

Ripple price is currently rebounding after a sharp decline against the US Dollar, similar to bitcoin and Ethereum. XRP price is likely to face resistance near $0.2450 and $0.2550.

Ripple Price Analysis

In the past two analysis, we discussed the importance of the $0.2650 support for ripple price against the US Dollar. The XRP/USD pair failed to hold the $0.2650 support, resulting in a sharp decline. The pair declined more than 15% and broke many supports, including $0.2550, $0.2500, $0.2400 and $0.2200. Moreover, there was a close below the $0.2500 level and the 100 hourly simple moving average.

Additionally, yesterday’s highlighted declining channel was breached with support near $0.2620 on the hourly chart of the XRP/USD pair. Finally, the price traded close to the $0.2050 level and formed a new monthly low at $0.2064. It is currently correcting higher above the $0.2100 and $0.2200 levels. Moreover, there was a break above the 23.6% Fib retracement level of the recent slide from the $0.2729 high to $0.2064 low.

At the moment, the price is trading near the $0.2400 level. The 50% Fib retracement level of the recent slide from the $0.2729 high to $0.2064 low is also near $0.2400. On the upside, an immediate resistance is near the $0.2450 level. If there is an upside break above $0.2450, the price could recover towards the $0.2550 resistance area. Any further gains might push the price back into a positive zone above $0.2650.

Conversely, if the price fails to continue above $0.2450 or $0.2550, it is likely to resume its downward move. An immediate support is near the $0.2350 level, below which the price might test the $0.2200 support area. If the price fails to stay above $0.2200, it is likely to test the $0.2000 support area in the near term.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly rebounding nicely above $0.2350. Having said that, the price must move back above $0.2450 and $0.2550 to decrease the bearish pressure and start a fresh increase.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is likely moving back into the bullish zone.

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

Major Support Levels – $0.2350, $0.2200 and $0.2120.

Major Resistance Levels – $0.2450, $0.2550 and $0.0.2650.

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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.

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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