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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Turned Sell On Rallies: BTC & ETH Down

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

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  • Ripple price declined recently below the $0.2240 and $0.2220 support levels against the US dollar.
  • The price is currently correcting higher, but facing resistance near $0.2240 and $0.2260.
  • There is a key bearish trend line forming with resistance near $0.2240 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum is facing an increase in selling pressure below the $148 and $150 levels.

Ripple price is back in a short term bearish zone against the US Dollar, similar to bitcoin. XRP price could correct higher, sellers remain in control below $0.2260.

Ripple Price Analysis

After struggling to surpass the $0.2320 resistance, ripple price started a fresh decline against the US Dollar. XRP price broke a couple of important supports near $0.2260 to move into a short term bearish zone.

Moreover, there was a close below the $0.2240 support and the 100 hourly simple moving average. It opened the doors for more losses below the $0.2220 and $0.2200 levels.

Finally, the price traded as low as $0.2186 and it is currently correcting higher. It is trading near 23.6% Fib retracement level of the downward move from the $0.2325 high to $0.2186 low.

On the upside, ripple is facing a lot of hurdles, starting with the $0.2240 level (the previous support and now resistance). Additionally, there is a key bearish trend line forming with resistance near $0.2240 on the hourly chart of the XRP/USD pair.

Above the trend line, the 100 hourly SMA is near the $0.2260 resistance area. More importantly, the 50% Fib retracement level of the downward move from the $0.2325 high to $0.2186 low is near the $0.2260 level.

Therefore, the price is likely to face a strong resistance near the $0.2240 and $0.2260 levels. If the bulls manage to pierce the $0.2260 level, the price is likely to accelerate higher towards the $0.2320 resistance area.

On the other hand, sellers are likely to remain active near $0.2240 and $0.2260. In the mentioned case, the price may perhaps continue to move down below $0.2200 and $0.2180.

Ripple Price
Ripple Price

Looking at the chart, ripple price is likely to follow a bearish structure in the short term below $0.2240. The main target for the bears could be $0.2140 in the coming sessions.

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 currently declining and it is well below 50.

Major Support Levels – $0.2200, $0.2180 and $0.2140.

Major Resistance Levels – $0.2240, $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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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
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