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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ripple (XRP) Signaling Bearish Continuation Until Bulls Overpower $0.20

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

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Ripple traded to a new weekly low at $0.1849 and currently correcting higher against the US Dollar. XRP is likely to face a major resistance near the $0.2000 and $0.2050 levels.

  • Ripple is showing signs of an upside correction from the $0.1850 swing low against the US dollar.
  • The price is currently trading above $0.1920, but it is facing many hurdles near $0.2000.
  • There is a major declining channel forming with resistance near $0.1960 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could rise towards $0.2000 or $0.2050, where sellers are likely to take a stand.

Ripple Price Recovery Could Fail Soon

In the past few sessions, ripple followed a bearish pattern and extended its decline below $0.1880. XRP price traded to a new weekly low at $0.1849 and settled well below the 100 hourly simple moving average.

It is currently correcting higher and trading above the $0.1920 resistance. There was a break above the 23.6% Fib retracement level of the main decline from the $0.2250 high to $0.1849 low.

The price is currently facing hurdles near the $0.1960 level. There is also a major declining channel forming with resistance near $0.1960 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

The current price action suggests that ripple could rise above the channel resistance and $0.1980. However, there are many hurdles waiting on the upside near the $0.2000 and $0.2050 levels.

The main hurdle is near the $0.2050 level since it is close to the 100 hourly simple moving average. The 50% Fib retracement level of the main decline from the $0.2250 high to $0.1849 low is also near the $0.2049 level to stop the bulls.

To move into a positive zone, XRP price must climb above the $0.2000 resistance and then gains bullish momentum above the $0.2050 resistance zone.

Bearish Scenario for XRP

If ripple struggles to correct above the $0.1960 and $0.2000 resistance levels, there are chances of more downsides in XRP. The first support is seen near the $0.1900 level.

The main support is now forming near the $0.1850 level, below which there are high chances of an extension towards the $0.1780 and $0.1750 levels.

Technical Indicators

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

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

Major Support Levels – $0.1920, $0.1880 and $0.1850.

Major Resistance Levels – $0.1960, $0.2000 and $0.2050.

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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.

Read more

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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