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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Could Avoid Another Setback if it Stays Above 100 SMA

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

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Ripple failed to clear the $0.2500 resistance and corrected lower against the US Dollar. XRP price must stay above $0.2380 and the 100 hourly SMA to start a fresh increase.

  • Ripple is down 3% and it retreated lower from the $0.2485 high against the US dollar.
  • The price is trading near the $0.2380 support and the 100 hourly simple moving average.
  • There was a break below a major rising channel with support near $0.2430 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must stay above $0.2380 to start a fresh increase in the near term.

Ripple Price Recovers 4%

After a decent upward move above $0.2350, ripple faced hurdles near $0.2380. XRP price traded as high as $0.2385 and recently started a downward move.

There was a break below the $0.2450 and $0.2420 levels. The price even broke the 50% Fib retracement level of the upward move from the $0.2310 low to $0.2485 high. Moreover, there was a break below a major rising channel with support near $0.2430 on the hourly chart of the XRP/USD pair.

The pair is now trading near the $0.2380 support level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the upward move from the $0.2310 low to $0.2485 high is also near the $0.2380 level.

Ripple (XRP)

Ripple price trades below $0.2420. Source: TradingView.com

As long as the price is above the $0.2380 support, it could start a fresh upward move. An initial resistance is near the $0.2420 level. The first major resistance is near the $0.2450 level, above which the price might revisit the $0.2485 high. Any further gains could initiate a steady rise towards the $0.2550 resistance zone.

Bearish Break in XRP?

If ripple fails to stay above the $0.2380 support and the 100 hourly SMA, there is a risk of a fresh decline. The next major support is near the $0.2350 level.

A downside break below the $0.2350 support may perhaps start another bearish wave. In the stated case, the price is likely to revisit the $0.2300 support level. Any further losses could lead the price towards the $0.2250 and $0.2200 levels in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish zone.

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

Major Support Levels – $0.2380, $0.2350 and $0.2300.

Major Resistance Levels – $0.2420, $0.2450 and $0.2480.

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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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