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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Trimming Gains While Ripple Price (XRP) Extending Losses

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

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  • Ripple price failed to hold the key $0.4500 support and declined heavily against the US dollar.
  • The price even broke the key $0.4220 support level and it is now trading below $0.4150.
  • There is a short term contracting triangle forming with resistance near $0.4120 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum price also declined heavily and it even broke the key $300 support area.

Ripple price is facing a strong selling interest against the US Dollar, while bitcoin is trimming gains. XRP price could recover only if it corrects above the $0.4220 level.

Ripple Price Analysis

Recently, bitcoin price started a major correction below $12,000, putting pressure on ripple price below $0.4500 against the US Dollar. The XRP/USD pair declined heavily and broke a few important supports near $0.4500 and $0.4450. There was also a close below the $0.4400 level and the 100 hourly simple moving average. It opened the doors for more losses and the price declined below $0.4350 and $0.4220.

Moreover, the decline was such that the price dived below the $0.4000 support. A swing low was formed at $0.3878 and the price is currently correcting higher. Ripple traded above $0.4000, but it facing many hurdles near $0.4120. The 23.6% Fib retracement level of the recent decline from the $0.4948 high to $0.3878 low is also near the $0.4130 level.

Besides, there is a short term contracting triangle forming with resistance near $0.4120 on the hourly chart of the XRP/USD pair. If there is an upside break, the $0.4220 level may be the next hurdle. If the bulls gain pace above $0.4220, the price could start a decent recovery. In the mentioned case, the price could test $0.4400 or the 50% Fib retracement level of the recent decline from the $0.4948 high to $0.3878 low.

On the downside, if there is a fresh decline below $0.4000, the price could resume its slide. An immediate support is at $0.3880, below which there is a risk of a downside break below the $0.3880 swing low. The next key support is near the $0.3500 level, where buyers are likely to emerge.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price clearly declined heavily and broke a few key supports near $0.4400 and $0.4200. Therefore, to start a fresh increase, it must regain the $0.4200 and $0.4400 levels. If not, there are chances of more losses below the $0.4000 support.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently struggling to move above the 40 level.

Major Support Levels – $0.4000, $0.3880 and $0.3500.

Major Resistance Levels – $0.4120, $0.4220 and $0.4400.

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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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