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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ripple (XRP) Relatively Bearish; Here’s Key Support Turned Resistance

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

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Ripple is down more than 5% and it broke the key $0.1850 support against the US Dollar. XRP price is correcting losses, but upsides are likely to remain capped near $0.1850 or $0.1880.

  • Ripple price is showing bearish signs below the $0.1880 pivot level against the US dollar.
  • The previous key support near $0.1850 is likely to act as a major resistance.
  • There is a connecting bearish trend line forming with resistance near $0.1915 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could retest $0.1850 or $0.1880 before extending its decline.

Ripple Price Turns Red

After struggling to clear the $0.1950 resistance, ripple started a fresh bearish wave. XRP price broke the key $0.1880 pivot zone and support region to move into a bearish zone.

Besides, there was a close below the $0.1850 support and the 100 hourly simple moving average. It opened the doors for more downsides below $0.1820. The price traded to a new weekly low at $0.1783 and it is currently correcting higher.

Ripple corrected above the $0.1820 level. It also climbed above the 23.6% Fib retracement level of the recent drop from the $0.1949 swing high to $0.1783 low. It seems like there is a short term contracting triangle forming with resistance near $0.1840 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

The first major resistance on the upside is near the $0.1850 zone (the recent breakdown support). The next key resistance is near the $0.1880 pivot level.

An intermediate resistance is near the 50% Fib retracement level of the recent drop from the $0.1949 swing high to $0.1783 low. Besides, there is a connecting bearish trend line forming with resistance near $0.1915 on the same chart.

If the price corrects higher further above $0.1850, the bulls are likely to face a strong selling interest near the $0.1880 and $0.1900 levels.

More Losses?

Once the current correction wave is over in ripple, it is likely to resume its slide from $0.1850 or $0.1880. An initial support on the downside is near the $0.1800.

The main support is near the $0.1780 level, below which the bears are likely to aim a test of the $0.1700 region in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now flat near the 40 level.

Major Support Levels – $0.1800, $0.1780 and $0.1700.

Major Resistance Levels – $0.1850, $0.1880 and $0.1910.

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Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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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