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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Lack of Bullish Momentum Could Derail Its Recovery To $0.20

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

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Ripple is slowly correcting higher above the $0.1850 level against the US Dollar. However, XRP price must break the $0.1880 resistance and the 100 hourly SMA to start a strong upward move.

  • Ripple is still trading in a bearish zone below $0.1920 and $0.1880 against the US dollar.
  • The price is currently approaching the $0.1880 resistance and the 100 hourly simple moving average.
  • There was a break above a major declining channel with resistance near $0.1870 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a strong increase if it clears the $0.1900 zone and the 100 hourly SMA.

Ripple Price Lacks Strength

Ripple price remained in a bearish zone and settled below the key $0.1920 pivot level. XRP extended its decline below the $0.1880 support and the 100 hourly simple moving average.

It traded as low as $0.1848 and recently started an upside correction. There was a break above the $0.1860 level, with no major sign of a strong upward move. Having said that, there was a break above a major declining channel with resistance near $0.1870 on the hourly chart of the XRP/USD pair.

The pair is now approaching the $0.1880 resistance and the 100 hourly simple moving average. The 23.6% Fib retracement level of the downward move from the $0.1986 high to $0.1848 low is also near the $0.1880 zone.

Ripple Price

XRP price trading above $0.1850: Source: TradingView.com

If ripple succeeds in clearing the $0.1880 resistance, it could even surpass the $0.1900 level. The next major resistance is near the $0.1920 level, which acted as a hurdle on many occasions. It now coincides with the 50% Fib retracement level of the downward move from the $0.1986 high to $0.1848 low.

A successful break above the $0.1920 resistance zone is must for upside continuation towards the $0.1980 and $0.2000 resistance levels in the near term.

Fresh Decline in XRP?

Ripple is clearing lacking in bullish momentum above $0.1850. If it struggles to clear the $0.1880 resistance zone or fails to settle above the 100 hourly SMA, there is a risk of a fresh decline.

An initial support is seen near the $0.1850 level. The main support is at $0.1825, below the price could extend its slide towards $0.1780.

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 now well above the 50 level.

Major Support Levels – $0.1850, $0.1825 and $0.1800.

Major Resistance Levels – $0.1880, $0.1920 and $0.1980.

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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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