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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ripple Price Technical Analysis – XRP/USD is Facing Significant Resistance

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

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Key Highlights

  • Ripple price is currently correcting higher, but it is facing a significant hurdle near $0.4900 against the US dollar.
  • There is a crucial bearish trend line forming with resistance around the $0.4900 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair has to move above the trend line resistance and $0.5000 to continue moving higher.

Ripple price struggle to recover higher continues against the US Dollar and Bitcoin. XRP/USD may decline once again if it fails to move past the $0.5000 resistance.

Ripple Price Upside Hurdle

There were further declines in Ripple price from well above the $0.6000 level against the US Dollar. The price declined and broke the $0.5500 and $0.5000 support levels. The downside move was strong and the price traded as low as $0.4496 recently. Later, it found bids and started an upside move above the $0.4500 level. It traded above the 23.6% Fib retracement level of the last decline from the $0.5188 high to $0.4496 low.

However, the upside move was protected by a major barrier near the $0.4850-0.4900 zone. There is also a crucial bearish trend line forming with resistance around the $0.4900 on the hourly chart of the XRP/USD pair. Moreover, the 61.8% Fib retracement level of the last decline from the $0.5188 high to $0.4496 low also acted as a barrier for more gains. It seems like the price is struggling to move above the $0.4900 level. Further above, the $0.5000 resistance is the next barrier for buyers.

Ripple Price Technical Analysis XRP USD

A push above the $0.5000 level may open the doors for an upside move. However, if the price fails to move above the $0.5000 level, it could decline back towards the $0.4500 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is again moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 40 level.

Major Support Level – $0.4500

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.

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. www.kakushin.tech says:
    7 years ago

    I think in crypto market most of the Cuurencies facing the struggle.

    Reply

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Comments 1

  1. www.kakushin.tech says:
    7 years ago

    I think in crypto market most of the Cuurencies facing the struggle.

    Reply

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