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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price Technical Analysis – XRP/USD Collapsed Below $0.8000

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

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Key Highlights

  • Ripple price declined sharply and even broke the $0.8200 and $0.8000 support levels against the US dollar.
  • Yesterday’s highlighted crucial bearish trend line with current resistance at $0.0.8000 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to decline further and it may even break the $0.7650 support in the near term.

Ripple price declined heavily against the US Dollar and Bitcoin. XRP/USD is currently trading below $0.8000 and it may continue to decline towards $0.7200.

Ripple Price Downtrend

There was no respite above $0.8500 in Ripple price against the US Dollar. The price continued to trade lower and it failed to correct above a major resistance near $0.8600. It fell and broke the $0.8200 and $0.8000 support levels to set the pace for more declines. It even broke the last swing low of $0.7869, which is a bearish sign and suggests more declines in the near term.

At the moment, the price is trading near the 1.236 Fib extension of the last wave from the $0.7869 low to $0.8778 high. It could continue to decline and it may even break the $0.7500 level. The next major support on the downside is around $0.7300. The stated level also coincides with the 1.618 Fib extension of the last wave from the $0.7869 low to $0.8778 high. On the upside, there are many resistances around the $0.8000 level. Moreover, yesterday’s highlighted crucial bearish trend line with current resistance at $0.0.8000 is intact on the hourly chart of the XRP/USD pair.

Ripple Price Technical Analysis XRP USD

Overall, it seems like the price may continue to decline towards $0.7300. A break and close below $0.7300 may call for a call of $0.7000.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower further into the oversold levels.

Major Support Level – $0.7300

Major Resistance Level – $0.8000

 

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.

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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Comments 1

  1. zzzzzzzzzzz says:
    7 years ago

    What is the point in further “analyzing” cryptocurrencies? The bubble burst. Get over it.

    Reply

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Comments 1

  1. zzzzzzzzzzz says:
    7 years ago

    What is the point in further “analyzing” cryptocurrencies? The bubble burst. Get over it.

    Reply

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