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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Ripple Price Technical Analysis – Can XRP/USD Bounce Back?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
ripple technical analysis

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Key Highlights

  • Ripple price failed to hold gains above the $0.5000 level and declined against the US dollar.
  • Yesterday’s highlighted important bullish trend line with support at $0.5020 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently holding the $0.4750 support, which is a positive sign in the short term.

Ripple price is once again struggling against the US Dollar and Bitcoin. XRP/USD must stay above the $0.4750 support to bounce back above $0.5000.

Ripple Price Decline

Yesterday, we saw a decent upside move above the $0.4800 level in Ripple price against the US Dollar. The price even traded above the $0.5000 resistance level. However, it failed to hold gains above the $0.5000 level and formed a high near $0.5116. Later, a downside move was initiated and the price declined below the 23.6% Fib retracement level of the last upside wave from the $0.4594 low to $0.5116 high.

More importantly, yesterday’s highlighted important bullish trend line with support at $0.5020 was broken on the hourly chart of the XRP/USD pair. The pair settled below the $0.5000 support and tested $0.4750. There was also a spike below the 61.8% Fib retracement level of the last upside wave from the $0.4594 low to $0.5116 high. However, it seems like the price is holding the $0.4750 support very well. It has to bounce back above the $0.4900 level and the 100 hourly simple moving average to gain upside momentum. Finally, a close above $0.5000 could push the price back in a bullish zone.

Ripple Price Technical Analysis XRP USD

On the other hand, if the price fails to stay above $0.4750, it may move in a bearish zone. The next support on the downside sits at $0.4500.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just below the 50 level.

Major Support Level – $0.4750

Major Resistance Level – $0.5000

 

Charts courtesy – Trading View

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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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Created by industry experts and meticulously reviewed
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How Our News is Made

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