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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Trading Near Make-or-Break Levels

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

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  • Ripple price is facing a strong resistance near the $0.2740 and $0.2760 levels against the US dollar.
  • The price is likely to continue lower unless there is a clear break above $0.2760.
  • This week’s significant bearish trend line is still active with resistance near $0.2735 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • In addition, Ethereum is still consolidating and seems to be preparing for an upside break.

Ripple price is trading below key resistances against the US Dollar and bitcoin. XRP price could extend its decline below $0.2700 and $0.2680 in the near term.

Ripple Price Analysis

This week, ripple remained in a downtrend below the $0.2850 pivot level against the US Dollar. Moreover, XRP/USD broke many key supports near $0.2780 and settled below the 100 hourly simple moving average.

The last decline gained pace below $0.2700 and the price traded to a new monthly low at $0.2668. Later, there was an upside correction above the $0.2700 level. However, the price faced a strong resistance near the $0.2760 level and the 100 hourly SMA.

A high was formed near $0.2763 and the price is currently declining. Ripple is trading below the $0.2720 level and testing the 50% Fib retracement level of the upward move from the $0.2668 low to $0.2763 high.

On the downside, an immediate support is near the $0.2700 level. Besides, the 61.8% Fib retracement level of the upward move from the $0.2668 low to $0.2763 high is also near the $0.2700 area.

If there is a downside break below the $0.2700 support, the price could revisit $0.2665. Any further losses may perhaps push ripple price below the $0.2600 area. The next key support area is near the $0.2540 level.

On the upside, the price is facing a strong resistance near the $0.2740 and $0.2760 levels. More importantly, this week’s significant bearish trend line is still active with resistance near $0.2735 on the hourly chart of the XRP/USD pair.

Therefore, a clear break above the trend line, $0.2760, and the 100 hourly SMA is needed for a decent recovery in the near term. The next major resistance is near the $0.2850 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is trading in a bearish zone below the $0.2760 resistance area. For that reason, there is a risk of more downsides below $0.2700 and $0.2600 unless the bulls manage to push the price back above $0.2760 and $0.2800.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bearish zone.

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

Major Support Levels – $0.2700, $0.2660 and $0.2600.

Major Resistance Levels – $0.2740, $0.2750 and $0.2760.

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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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