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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Just Broke $0.18 and It’s Vulnerable For Bigger Decline

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
xrp bottom

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Ripple is down more than 5%, and it broke the $0.1850 and $0.1820 support levels against the US Dollar. XRP price could correct a few points, but upsides are likely to face hurdles near $0.1820.

  • Ripple is gaining bearish momentum below the $0.1820 support against the US dollar.
  • Bitcoin and Ethereum started a major decline below the $9,200 and $235 support respectively.
  • There was a break below a key contracting triangle with support near $0.1830 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct higher, but the bears are likely to protect upsides near $0.1820.

Ripple Price Dives 5%

Ripple price failed to clear the $0.1900 resistance level and started a sharp decline, similar to BTC and ETH. XRP broke the $0.1880 and $0.1850 support levels to move into a bearish zone.

The decline was such that the price traded below the $0.1820 support and the 100 hourly simple moving average. There was a break below a key contracting triangle with support near $0.1830 on the hourly chart of the XRP/USD pair.

Finally, it spiked below the $0.1800 support and tested the $0.1780 support. A low is formed near $0.1783 and the price is currently trading in the red zone. An initial resistance on the upside is near the $0.1810 level.

The 23.6% Fib retracement level of the recent decline from the $0.1900 high to $0.1783 low is also near the $0.1810 level. The first major resistance is near the $0.1820 level (the recent breakdown zone).

Ripple Price

Ripple price broke $0.1800. Source: TradingView.com

If there is a clear break above $0.1810 and $0.1820, the price could revisit the $0.1850 resistance. It is close to the 50% Fib retracement level of the recent decline from the $0.1900 high to $0.1783 low.

A successful break above the $0.1820 resistance and a follow up move above the $0.1850 level is needed to start a fresh increase. The next set of hurdles is near the $0.1900 level.

More Losses in XRP?

Ripple is currently finding bids near the $0.1780 region. Therefore, there could correct higher, but the bears are likely to protect upsides near $0.1820.

If the bulls fail to push the price above the $0.1820 resistance, there is a risk of more downsides below $0.1780 in the near term. The next major support is at $0.1725, below which the price might test $0.1700.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to gain traction in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 30 level.

Major Support Levels – $0.1780, $0.1720 and $0.1700.

Major Resistance Levels – $0.1810, $0.1820 and $0.1850.

Take advantage of the trading opportunities with Plus500

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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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