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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ripple Price Analysis: XRP at Major Crossroads But 100 SMA Holds Key

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis ripple

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  • Ripple price failed to surpass the $0.3200 resistance and started a downward move against the US dollar.
  • The price traded below the $0.3140 support and it is now approaching the key $0.3080 support.
  • There is a new declining channel formed with resistance at $0.3125 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is under pressure and it seems like it could tumble if there is a break below the 100 hourly SMA.

Ripple price is slowly grinding lower against the US Dollar and bitcoin. XRP/USD must stay above $0.3080 and the 100 hourly SMA to stage a comeback. If not, it could decline heavily towards $0.3020.

Ripple Price Analysis

After a decent upward move, ripple price faced a strong resistance near the $0.3200 level against the US Dollar. The XRP/USD pair formed a short-term top near the $0.3197 and later started a steady decline. The price broke the $0.3150 and $0.3140 support levels to move into a bearish zone. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the $0.2994 low to $0.3197 high. Sellers took control and pushed the price below the $0.3120 support level.

However, the price is now approaching a crucial support near the $0.3080 level. It represents the 50% Fib retracement level of the last wave from the $0.2994 low to $0.3197 high. More importantly, the 100 hourly simple moving average is positioned near the $0.3080 support area. Therefore, there could be a strong buying interest near the $0.3075-0.3080 zone. If there is a downside break below $0.3080, the price is likely to move into a downtrend. The next key support is near the $0.3040 level and the 76.4% Fib retracement level of the last wave from the $0.2994 low to $0.3197 high.

At the outset, there is a new declining channel formed with resistance at $0.3125 on the hourly chart of the XRP/USD pair. The pair needs to overcome selling interest and clear the channel resistance $0.3130. However, the main resistance is at $0.3150, above which the price is likely to revisit the $0.3200 resistance area.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price seems to be approaching a crucial juncture near $0.3080. It could turn out to be make-or-break support area. Therefore, traders need to keep a close watch on the $0.3075-0.3080 support area to grab the next move.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined and moved below the 50 level, with a bearish angle.

Major Support Levels – $0.3080, $0.3075 and $0.3040.

Major Resistance Levels – $0.3125, $0.3130 and $0.3150.

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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

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