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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Ripple Price (XRP) Could Extend Correction Before Fresh Rise

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

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  • Ripple price started a downside correction after rallying towards the $0.2850 resistance against the US dollar.
  • The price is currently holding the key $0.2720 and $0.2700 support levels.
  • There is a short term breakout pattern forming with resistance near $0.2800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price might decline towards the $0.2700 support area before it could climb higher.

Ripple price is currently correcting gains against the US Dollar and bitcoin. XRP price might test the $0.2700 support or $0.2650 before it could rise again.

Ripple Price Analysis

Yesterday, there was a strong upward move in ripple price above the $0.2650 resistance against the US Dollar. XRP price even broke the $0.2720 and $0.2750 resistance levels. Moreover, there was a break above the $0.2800 level and the 100 hourly simple moving average. Finally, the price tested the $0.2850 resistance area, where the bears took a stand. A high was formed at $0.2855 and recently the price started a downside correction.

It broke the $0.2800 and $0.2750 support levels. However, the $0.2720 area acted as a decent support. A low was formed near $0.2710 and the price is currently consolidating. It traded above the 50% Fib retracement level of the recent decline from the $0.2855 high to $0.2710 low. However, it seems like the $0.2800 level is now acting as a solid barrier.

Additionally, the 61.8% Fib retracement level of the recent decline from the $0.2855 high to $0.2710 low also acted as a resistance. At the moment, there is a short term breakout pattern forming with resistance near $0.2800 on the hourly chart of the XRP/USD pair. If there is an upside break above $0.2800, ripple price could climb higher towards the key $0.2850 resistance area.

Any further upsides might start another rise and the price could rally towards the $0.2950 and $0.3000 resistance levels.  On the downside, the $0.2720 area is a strong support. If there is a break below $0.2720 and $0.2700, the price could extend its downside correction. The next key support is near the $0.2650 level and the 100 hourly simple moving average.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is correcting gains from the $0.2850 resistance. It seems like it could test $0.2700 or even $0.2650 in the near term. Once the current correction is complete, the price could start a fresh rise towards $0.2800, $0.2850 and $0.2950.

Technical Indicators

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

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

Major Support Levels – $0.2720, $0.2700 and $0.2650.

Major Resistance Levels – $0.2800, $0.2850 and $0.2920.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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