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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Rebounding After Sharp Drop To $0.2500 Support

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

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  • Ripple price declined heavily after it broke the key $0.2850 support area against the US dollar.
  • The price tested the main $0.2500 support area and it is currently rebounding above $0.2650.
  • There is a major bearish trend line forming with resistance near $0.2800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • There is showing signs of a strong recovery and it might rebound towards the $0.2850 resistance.

Ripple price is correcting losses against the US Dollar and bitcoin. Recently, XRP price dived close to 10%, but the $0.2500 area acted as a strong support.

Ripple Price Analysis

Yesterday, we saw a minor downside correction in ripple from the $0.3000 resistance against the US Dollar. However, XRP price failed to hold the key $0.2850 support area and declined heavily in the last three sessions.

During the slide, there was a break below a few important supports near $0.2800 and $0.2720. Moreover, the price settled below $0.2800 and 100 hourly simple moving average. It opened the doors for more downsides below the $0.2650 support.

Finally, the price spiked below the $0.2550 and $0.2500 support levels. The price action suggests that the $0.2500 area acted as a strong support. As a result, ripple recovered aggressively and climbed back above the $0.2600 level.

Additionally, there was a break above the 50% Fib retracement level of the recent decline from the $0.2908 high to $0.2470 low. An immediate resistance on the upside is near the $0.2720 and $0.2750 levels.

The main hurdle is near the $0.2750 level since it coincides with the 61.8% Fib retracement level of the recent decline from the $0.2908 high to $0.2470 low. More importantly, there is a major bearish trend line forming with resistance near $0.2800 on the hourly chart of the XRP/USD pair.

On the downside, the $0.2650 area is a strong support for the current wave. As long as ripple is trading above the $0.2650 support, it could recover towards the $0.2800 and $0.2850 resistance levels.

Conversely, if the price fails to correct above $0.2750 and $0.2800, there is a risk of another slide below the $0.2650 support. The next support is near the $0.2570 and $0.2550 levels.

Ripple Price
Ripple Price

Looking at the chart, ripple price clearly retreating after testing the main $0.2500 support area. There are positive signs visible on the chart, but the bulls could find it difficult to push the price back above $0.2750 and $0.2800.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently moving nicely in the bullish zone.

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

Major Support Levels – $0.2650, $0.2550 and $0.2500.

Major Resistance Levels – $0.2750, $0.2800 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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Reason to trust

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