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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Down 7% While Ripple Price (XRP) Struggling To Hold Support

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price remains in a bearish zone and it recently retested the $0.3840 support against the US dollar.
  • The price is struggling to stay above the $0.3840 support and it could slide further.
  • There is a major bearish trend line forming with resistance near $0.4050 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum price settled below $300 and it could decline further below the $275 support area.

Ripple price is struggling to hold a couple of important supports against the US Dollar, while bitcoin declined 7%. XRP price might decline heavily if it breaks $0.3800.

Ripple Price Analysis

Recently, bitcoin price extended losses below the $10,500 and $10,000 levels, but ripple price stayed above the $0.3840 support against the US Dollar. Earlier, the XRP/USD pair made an attempt to recover above the $0.4150 and $0.4185 resistance levels. However, the price failed to gain pace above the $0.4185 level. Moreover, there was no upside break above the $0.4185 level plus the 100 hourly simple moving average.

As a result, the price declined again below the $0.4150 and $0.4100 levels. It even broke the $0.4000 support and retested the main $0.3840-$0.3850 support area. At the moment, ripple is correcting higher above $0.3920. There was a break above the 50% Fib retracement level of the last decline from the $0.4187 high to $0.3852 low. However, the price is facing a lot of hurdles near the $0.4100 level and the 100 hourly SMA.

Moreover, there is a major bearish trend line forming with resistance near $0.4050 on the hourly chart of the XRP/USD pair. The 61.8% Fib retracement level of the last decline from the $0.4187 high to $0.3852 low is also acting as a strong resistance. Therefore, a successful close above the trend line and $0.4150 is needed for a fresh increase in the near term.

If there is no upside break above the $0.4150 and $0.4185 resistances, the price could extend losses. On the downside, the main supports are near $0.3850 and $0.3840. If there is a downside break, the price might start an extended decline below the $0.3800 support.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly struggling to recover above $0.4100 and $0.4150. If it continues to face hurdles, there is a risk of a downside break below $0.3840 and $0.3800. The next major support below $0.3840 is near the $0.2720 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently attempting to climb above 50.

Major Support Levels – $0.3920, $0.3850 and $0.3840.

Major Resistance Levels – $0.4100, $0.4150 and $0.4185.

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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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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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