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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Ripple (XRP) Price Nosedives, Here’s Why It Could Fuel Decline In Altcoins

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

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Ripple declined sharply after it broke the $0.2700 support against the US Dollar, while bitcoin and ETH remained above weekly lows. XRP price is currently recovering, but it could fail near $0.2700.

  • Ripple is down over 4% and it broke the $0.2720 and $0.2700 support levels against the US dollar.
  • The price traded to a new weekly low at $0.2537 and it is currently recovering higher.
  • There is a major bearish trend line forming with resistance near $0.2705 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is resume its decline as long as it is below $0.2720 and the 100 simple moving average (4-hours).

Ripple Price Turns Red

Yesterday, we discussed the key reasons why ripple could decline sharply below $0.2700. XRP price did fail to break the $0.2840 resistance, resulting in a sharp decline below $0.2720 and $0.2700.

The price fell over 4% and it even broke the $0.2650 support. It traded to a new weekly low at $0.2537 and it is currently recovering higher. There was a break above the $0.2600 resistance level, plus the 23.6% Fib retracement level of the recent decline from the $0.2811 high to $0.2537 low.

The bulls are currently facing resistance near the $0.2675 level. The 50% traded to a new weekly low at $0.2537 and it is currently recovering higher is acting as a resistance.

Ripple (XRP) Price

Ripple (XRP) price trades below $0.2700. Source: TradingView.com

There is also a major bearish trend line forming with resistance near $0.2705 on the 4-hours chart of the XRP/USD pair. It seems like the previous resistance zone near the $0.2700 may now act as a strong selling zone in the coming sessions.

If there is an upside break above the trend line, ripple could recover towards the $0.2800 resistance level. The next key resistance is near the 100 simple moving average (4-hours) at $0.2880.

Fresh Decline in XRP?

If ripple fails to clear the $0.2675 and $0.2700 resistance levels, there is a risk of another bearish reaction. An initial support is near the $0.2620 level.

The main support is near the $0.2540 and $0.2520 levels, below which the price could dive towards $0.2440. More importantly, if XRP stays in a bearish zone below $0.2700, it could drag other altcoins lower in the near term.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 40 level.

Major Support Levels – $0.2620, $0.2600 and $0.2550.

Major Resistance Levels – $0.2675, $0.2700 and $0.2720.

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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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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
The highest standards in reporting and publishing
How Our News is Made

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