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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Takes A Small Hit: Here’s Why 100 SMA Holds The Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ripple traded to a new monthly high at $0.2118 against the US Dollar. XRP price is currently correcting lower, but dips remain well supported near $0.1980 and the 100 hourly SMA.

  • Ripple started a downside correction after trading as high as $0.2118 against the US dollar.
  • The price is currently testing the $0.2000 support and it is well above the 100 hourly SMA.
  • There is a connecting bullish trend line forming with support near $0.1950 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to bounce back as long as it is above $0.1950 and the 100 hourly SMA.

Ripple Price Testing Key Supports

After a successful close above the $0.2000 region, ripple extended its upward move. XRP price even traded above the $0.2050 resistance and settled well above the 100 hourly simple moving average.

It traded to a new monthly high at $0.2118 and recently started a downside correction. There was a break below the $0.2050 and $0.2040 support levels. The price tested the $0.2000 and $0.1985 support levels.

It seems like the 50% Fib retracement level of the upward move from the $0.1831 low to $0.2188 high is acting as a strong support. Moreover, there is a connecting bullish trend line forming with support near $0.1950 on the hourly chart of the XRP/USD pair.

Ripple Price

Ripple price below $0.2020. Source: TradingView.com

The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.1831 low to $0.2188 high. The 100 hourly simple moving average is also near the $0.1940 level to provide support.

On the upside, an initial resistance is near the $0.2020 level. The first major resistance is near the $0.2050 level, above which the price could rally towards the $0.2120 and $0.2150 levels in the near term.

100 Hourly SMA Holds The Key for XRP

On the downside, the trend line support and the 100 hourly SMA hold the key. If there is a downside break and close below the $0.1950 level, the price could start a major downward move.

The next major support is near the $0.1900 level, below which the price might continue to move down towards the $0.1820 level in the coming sessions.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just below the 50 level.

Major Support Levels – $0.1980, $0.1950 and $0.1940.

Major Resistance Levels – $0.2020, $0.2050 and $0.2120.

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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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