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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

This Confluence Of Bearish Factors Shows Ripple (XRP) Could Dive Again

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ripple (XRP)

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Ripple started an upside correction after trading as low as $0.1690 against the US Dollar. XRP price is currently facing a strong resistance at $0.1800 and it could resume its decline.

  • Ripple corrected higher above the $0.1720 and $0.1750 resistance levels against the US dollar.
  • The price is currently struggling to clear the $0.1800 resistance region and the 100 hourly SMA.
  • There is a connecting bearish trend line forming with resistance near $0.1780 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must settle above the $0.1800 resistance to start a steady recovery in the near term.

Ripple Price Could Fail Near $0.1800

This past week, ripple price extended its decline below the $0.1900 support. XRP broke many key supports near $0.1880 to move further into a bearish zone.

More importantly, there was a close below the $0.1800 level and the 100 hourly simple moving average. It traded to a new monthly low at $0.1690 and recently started an upside correction. The bulls pushed the price above the $0.1720 and $0.1750 resistance levels.

The price even spiked above the 50% Fib retracement level of the downward move from the $0.1866 high to $0.1690 low. However, the previous support near the $0.1800 level is now acting as a strong resistance for the bulls.

Ripple Price

Ripple price trades below $0.1800. Source: TradingView.com

There is also a connecting bearish trend line forming with resistance near $0.1780 on the hourly chart of the XRP/USD pair. Above the trend line, the 61.8% Fib retracement level of the downward move from the $0.1866 high to $0.1690 low is near $0.1800 and the 100 hourly simple moving average.

The bulls need to clear the $0.1800 resistance level and the 100 hourly SMA to start a steady increase. If they succeed, the price could recover towards the $0.1880 and $0.1900 resistance levels.

Fresh Decline in XRP?

Conversely, ripple price might start a fresh drop from the $0.1800 resistance level. An initial support is near the $0.1760 and $0.1750 levels.

If the price settles below the $0.1750 support, it could continue to move down and resume its decline. The next crucial support is at $0.1700, followed by $0.1680.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is declining and it is currently below the 50 level.

Major Support Levels – $0.1750, $0.1700 and $0.1680.

Major Resistance Levels – $0.1780, $0.1800 and $0.1880.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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