Ripple (XRP) Price Rips and Dips, Bulls Protecting Support

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ripple price surged recently above the $0.3040 and $0.3120 resistances against the US dollar.
The price is currently trimming gains and trading near the $0.3000 support area.
Yesterday’s major bullish trend line is active with support near $0.2990 on the hourly chart of the XRP/USD pair (data source from Kraken).
The main support is near the $0.2980 level, below which the price could accelerate losses.

Ripple price is swinging both ways against the US Dollar and bitcoin. XRP price must stay above the $0.2980 support area to start a fresh upward move.

Ripple Price Analysis

Yesterday, we saw bullish moves in ripple above the $0.2980 support area against the US Dollar. Recently, XRP rallied sharply above the $0.3040 and $0.3120 resistance levels.

However, the price faced a strong selling interest near the $0.3150 area. A new weekly high was formed near $0.3149 and the price is currently declining sharply. It tumbled below the $0.3040 and $0.3000 levels.

A swing low was formed near $0.2952 and the price is now back above $0.3000. Moreover, the price seems to be holding the key $0.2980 support area and the 100 hourly simple moving average.

An immediate resistance for ripple is near the $0.3050 area. It coincides with the 50% Fib retracement level of the recent decline from the $0.3149 high to $0.2952 low. If there are any further gains, the price could test the $0.3100 resistance area.

Besides, the 76.4% Fib retracement level of the recent decline from the $0.3149 high to $0.2952 low is also near the $0.3100 area to act as a resistance. A convincing break above $0.3100 could start a decent rise in the coming sessions.

On the downside, there are many important supports near the $0.3000 and $0.2980 levels. More importantly, yesterday’s major bullish trend line is active with support near $0.2990 on the hourly chart of the XRP/USD pair.

The main support is near the $0.2980 level and the 100 hourly SMA. If there is a close below the $0.2980 support, the price is likely to accelerate declines. The next key supports are near the $0.2900 and $0.2880 levels.

Looking at the chart, ripple price is swinging, but it is trading above the $0.2980 support area. As long as there is no close below $0.2980, it could bounce back above $0.3040 and $0.3050. Conversely, there is a risk of a fresh decline towards the $0.2880 support area.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is declining sharply below the 50 level.

Major Support Levels – $0.2990, $0.2980 and $0.2950.

Major Resistance Levels – $0.3040, $0.3050 and $0.3100.

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.

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.