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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Turns ‘Sell’ Below This Key Support (Now Resistance)

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple (XRP)

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Ripple is down close to 5% and it broke the key $0.1810 support zone against the US Dollar. XRP price is currently recovering, but the same support is likely to protect gains.

  • Ripple price is back in a bearish zone below the $0.1810 support against the US dollar.
  • A new weekly low is formed near $0.1738 and the price is currently correcting higher.
  • There is a key bearish trend line forming with resistance near $0.1815 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct further, but it is likely to face hurdles near $0.1810 and $0.1820.

Ripple Price Support Turned Resistance

Yesterday, we discussed the importance of the $0.1800-$0.1810 support area for ripple. XRP price failed to continue higher above the $0.1900 resistance and recently declined sharply below the $0.1800-$0.1810 support.

The bears took control, resulting in a close below $0.1800 and the 100 hourly simple moving average. The price traded below the $0.1750 level and formed a new weekly low at $0.1738.

Ripple is currently correcting higher and trading above the $0.1750 level. It is testing the 50% Fib retracement level of the recent drop from the $0.1857 high to $0.1738 low. It seems like the $0.1800 area is currently acting as a hurdle for the bulls.

The main resistance is near the $0.1810 and $0.1820 levels (the recent breakdown zone). The 61.8% Fib retracement level of the recent drop from the $0.1857 high to $0.1738 low is also near $0.1810.

More importantly, there is a key bearish trend line forming with resistance near $0.1815 on the hourly chart of the XRP/USD pair. If the pair corrects further higher, it is likely to face a strong resistance near the $0.1810 and $0.1820 levels in the near term.

Ripple Price
Ripple Price

A successful close above the $0.1810 and $0.1820 levels might open the doors for a fresh increase towards the $0.1900 and $0.1920 resistance levels.

More Downsides?

If ripple struggles to recover above the $0.1810 and $0.1820 resistance levels, it is likely to resume its decline. An initial support is near the $0.1740 level.

A clear break below the $0.1740 support level might open the doors for more downsides towards the $0.1700 and $0.1680 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is likely to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now correcting higher towards the 40 level.

Major Support Levels – $0.1740, $0.1700 and $0.1680.

Major Resistance Levels – $0.1800, $0.1810 and $0.1820.

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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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