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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Ripple (XRP) Breaks Key Support: Indicators Suggest Fresh Test of $0.22

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Ripple failed to clear the $0.2450 resistance and declined sharply against the US Dollar. XRP price is now trading below the $0.2380 support and remains at a risk of a drop to $0.2200.

  • Ripple is down more than 4% and it failed to clear the main $0.2450 resistance against the US dollar.
  • The price is now trading well below $0.2380 and the 100 simple moving average (4-hours).
  • Yesterday’s followed important bearish trend line is active with resistance near $0.2445 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to accelerate lower towards $0.2200 if it breaks the $0.2280 support.

Ripple Price Resumes Decline

In the past two sessions, there was an increase in selling in bitcoin, Ethereum, and ripple. XRP price failed to clear the main $0.2450 resistance area (as discussed yesterday), and started a fresh decline.

There was a sharp decline below the $0.2400 level and the 100 simple moving average (4-hours). There was also a break below the 50% Fib retracement level of the key upward move from the $0.2195 swing low to $0.2550 swing high.

The decline was such that the bears pushed the price below the key $0.2380 support. More importantly, yesterday’s followed important bearish trend line is active with resistance near $0.2445 on the 4-hours chart of the XRP/USD pair.

Ripple Price

Ripple (XRP) price dives below $0.2380. Source: TradingView.com

The pair is now testing the $0.2300 zone, plus the 61.8% Fib retracement level of the key upward move from the $0.2195 swing low to $0.2550 swing high. If there is a downside break below the $0.2300 and $0.2280 support levels, it could open the doors for a sharp dip towards the next major support near the $0.2200 level. Any further losses could lead ripple towards the $0.2150 level.

Upsides Capped in XRP?

If ripple finds support near $0.2300 or $0.2280, there are chances of a short-term upside correction. On the upside, the price is likely to face a strong resistance near $0.2400 and the 100 simple moving average (4-hours).

The main resistance is still near the trend line and $0.2450, above which the bulls are likely to gain strength in the coming days.

Technical Indicators

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

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, with bearish signs.

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

Major Resistance Levels – $0.2380, $0.2400 and $0.2450.

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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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Reason to trust

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