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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Turns Red: Indicators Suggest Upsides Likely To Remain Capped

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

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Ripple is down 5% and it broke the key $0.2380 support zone against the US Dollar. XRP price is currently consolidating losses and upsides are likely to remain capped.

  • Ripple started a major decline below the $0.2440 and $0.2380 support levels against the US dollar.
  • The price is down 5% and it is now trading well below the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $0.2335 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could face a strong selling interest near the $0.2380 and $0.2400 levels in the near term.

Ripple Price Dives 5%

After a failed attempt to clear the $0.2500 resistance, ripple started a fresh decline. XRP price broke the $0.2440 and $0.2420 support levels to move into a bearish zone.

The decline gained pace below a major declining channel with support near $0.2415 on the hourly chart of the XRP/USD pair. The pair is down 5% and it is now trading well below the 100 hourly simple moving average.

A new weekly low is formed near the $0.2293 level and the price is now consolidating losses. It seems like ripple is facing hurdles near the $0.2335 level, plus the 23.6% Fib retracement level of the recent drop from the $0.2477 high to $0.2293 low.

Ripple (XRP) Price

Ripple price dives below $0.2380. Source: TradingView.com

There is also a key contracting triangle forming with resistance near $0.2335 on the same chart. A clear break above the triangle resistance could lead the price towards the $0.2380 resistance zone (the previous support and now a major hurdle).

The 50% Fib retracement level of the recent drop from the $0.2477 high to $0.2293 low is also near the $0.2385 level to act as a resistance. The main resistance for a fresh upward move is near the $0.2440 pivot level.

More Losses in XRP?

If ripple fails to clear the $0.2335 and $0.2380 resistance levels, there are chances of more losses. An initial support on the downside is near the $0.2300 area.

The main support is forming near the $0.2280 level. A clear break below the recent low and $0.2280 might open the doors for a move towards the $0.2200 level.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher towards the 50 level.

Major Support Levels – $0.2300, $0.2280 and $0.2200.

Major Resistance Levels – $0.2335, $0.2380 and $0.2400.

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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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