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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Ripple (XRP) Price Set For Downside Thrust Before Higher

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

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  • Ripple price is facing an increase in selling pressure below the $0.2980 resistance against the US dollar.
  • The price is likely to decline below the $0.2880 support before it could start a fresh increase.
  • There is a key bearish trend line forming with resistance near $0.2940 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum is also declining, but it might find a strong support near the $175 level.

Ripple price is slowly declining below key supports against the US Dollar and bitcoin. XRP price might revisit the $0.2820 support before it could bounce back.

Ripple Price Analysis

After struggling to stay above $0.3050 and $0.3000, ripple started a slow and steady decline. XRP traded below the key $0.2950 support area to move into a short term bearish zone.

Moreover, there was a close below the $0.2950 level and the 100 hourly simple moving average. It opened the doors for more downsides and the price spiked below the $0.2880 support area.

The $0.2850 area provided support and the price recovered above $0.2920 and $0.2950. However, the price failed to stay above the $0.2950 level and even struggled to surpass the 100 hourly simple moving average.

A high was formed near $0.2972 and ripple is currently declining. It is trading near the $0.2920 support. An immediate support is near $0.2910, plus the 50% Fib retracement level of the upward move from the $0.2852 low to $0.2972 high.

The main supports are $0.2900, $0.2800, and the 61.8% Fib retracement level of the upward move from the $0.2852 low to $0.2972 high. If there is a downside break below the $0.2880 support, the price could revisit the $0.2850 and $0.2820 support levels.

On the upside, there are many hurdles near $0.2950 and $0.2980s. Additionally, there is a key bearish trend line forming with resistance near $0.2940 on the hourly chart of the XRP/USD pair. Therefore, an upside break above the $0.2950 level and the 100 hourly SMA is needed for a fresh upward move in the coming sessions.

Ripple Price

Looking at the chart, ripple price is clearly declining below the key $0.2950 level. If the bulls fail to defend the $0.2880 support, there is a risk of more losses. The next key support is near $0.2820, below which the price may slide towards $0.2750. Conversely, a clear break above $0.2950 is needed for a decent recovery.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, with a bearish angle.

Major Support Levels – $0.2900, $0.2880 and $0.2850.

Major Resistance Levels – $0.2940, $0.2950 and $0.3000.

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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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