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Breaking News: Canary Capital's CEO Confirms Spot Hedera And Litecoin ETFs Will Begin Trading Tomorrow

Ripple (XRP) Price Continues To Probe Key Supports

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

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  • Ripple price is struggling to stay above the $0.2180 support area against the US dollar.
  • The price is likely to face resistance near the $0.2230 and $0.2240 levels.
  • Yesterday’s key bearish trend line is intact with resistance near $0.2230 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum also seems to be facing a strong resistance near the $150 and $152 levels.

Ripple price is facing an uphill task against the US Dollar and bitcoin. XRP price must settle above $0.2250 to continue higher in the coming sessions.

Ripple Price Analysis

After a fresh decline, ripple found support above the $0.2180 level against the US Dollar. As a result, XRP price started an upside correction above the $0.2220 level.

However, the price struggled to gain bullish momentum above the $0.2260 area and the 100 hourly simple moving average. A high was formed near $0.2264 and the price declined below $0.2200.

It retested the $0.2180 support area and a new weekly low was formed near $0.2173. At the outset, ripple is correcting above the $0.2200 level. Moreover, it surpassed the 23.6% Fib retracement level of the recent drop from the $0.2264 high to $0.2173 low.

An immediate resistance on the upside is near the $0.2220 level. Besides, the 50% Fib retracement level of the recent drop from the $0.2264 high to $0.2173 low is also near the $0.2220 level.

More importantly, yesterday’s key bearish trend line is intact with resistance near $0.2230 on the hourly chart of the XRP/USD pair. It seems like there are many resistances on the upside such as $0.2220, $0.2240, 100 SMA, and $0.2260.

Therefore, a clear break above the $0.2240 and $0.2260 levels is must to set the pace for more gains. The next major resistance above $0.2260 is near the $0.2320 level. An intermediate resistance is near the $0.2285 level.

On the downside, an initial support is near the $0.2200 level. The main support is near the $0.2180 level, below which there is a risk of an extended decline towards the $0.2100 and $0.2080 levels in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading below many resistances near $0.2250. On the other hand, there is hardly any major support up to $0.2000. Thus, there are chances of an extended decline below $0.2180 unless the price rallies above the $0.2260 resistance area.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and it is above the 50 level.

Major Support Levels – $0.2200, $0.2180 and $0.2100.

Major Resistance Levels – $0.2220, $0.2260 and $0.2320.

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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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