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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ripple (XRP) Price Trend Overwhelmingly Negative, Bitcoin Dives To $7.5K

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

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  • Ripple price is down 5% and it broke the key $0.2420 support area against the US dollar.
  • The price tagged the $0.2350 support area and it is currently correcting higher.
  • There is a new bearish trend line forming with resistance near $0.2450 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price remains at a risk of more losses as long as it is below $0.2580.

Ripple price is now trading below key supports against the US Dollar and bitcoin. XRP price might continue to face sellers near the $0.2480 and $0.2500 resistance levels.

Ripple Price Analysis

In the past three sessions, there was a sharp decline in bitcoin price below the $7,800 support, resulting in a downward push in ripple and Ethereum against the US Dollar. XRP/USD failed to stay above the $0.2450 and $0.2420 support levels, and declined heavily.

Moreover, the price broke the $0.2400 support area and settled well below the 100 hourly simple moving average. Finally, the price tested the $0.2350 support area and a low was formed near $0.2347.

Recently, the price started an upside correction above the $0.2400 resistance area. Besides, there was a break above the 50% Fib retracement level of the recent drop from the $0.2526 high to $0.2347 low.

However, the previous support near the $0.2450 and $0.2460 levels is currently acting as a resistance. Additionally, the 61.8% Fib retracement level of the recent drop from the $0.2526 high to $0.2347 low is also near the $0.2458 level.

More importantly, there is a new bearish trend line forming with resistance near $0.2450 on the hourly chart of the XRP/USD pair. Therefore, ripple price might struggle to clear the $0.2450 and $0.2460 resistance levels.

Should there be an upside break above the $0.2460 resistance, the price could test the $0.2500 area and the 100 hourly SMA. The main resistance for a trend change is near the $0.2580 level.

On the downside, an initial support is near the $0.2400 level. If the price fails to stay above $0.2400, it will most likely continue lower towards the $0.2350 support area.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly positioned in a downtrend below the $0.2450 level. As long as the bears remain in action and the price is below $0.2500, there could be more downsides in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to remain in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 40 level, with a minor bullish angle.

Major Support Levels – $0.2400, $0.2360 and $0.2350.

Major Resistance Levels – $0.2450, $0.2460 and $0.2500.

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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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