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

Ripple Price (XRP) Could Extend Losses, Bitcoin Settles Below $10K

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price struggled to recover above the $0.3250 resistance and extended losses against the US dollar.
  • The price traded below the $0.3100 support and traded close to the $0.3025 level.
  • There is a significant declining channel forming with resistance near $0.3120 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price remains at a risk of more losses and it could even test the $0.2960 support level.

Ripple price is gaining bearish momentum against the US Dollar and bitcoin. XRP price could decline further unless the bulls push the price back above the $0.3150 resistance.

Ripple Price Analysis

In the past two days, there were steady losses in bitcoin, Ethereum and ripple against the US Dollar. The XRP/USD pair failed to stay above the $0.3250 and $0.3200 support levels. Moreover, there was a break below the $0.3100 support level. The decline was such that the price even traded below the 76.4% Fib retracement level of the upward move from the $0.3103 low to $0.3420 swing high.

Moreover, the price settled below the 100 hourly simple moving average and spiked below the $0.3060 level. The price is currently trading near the $0.3030 level and tested the 1.236 Fib extension level of the upward move from the $0.3103 low to $0.3420 swing high. More importantly, there is a significant declining channel forming with resistance near $0.3120 on the hourly chart of the XRP/USD pair.

On the upside, the main resistance levels are $0.3100 and $0.3150. A successful close above the $0.3150 resistance is needed for a decent recovery. The next major resistance above $0.3150 is near the $0.3220 and $0.3225 levels. However, the price must break the $0.3250 resistance and the 100 hourly SMA to move back in a positive zone.

On the downside, an immediate support is near the $0.3030 and $0.3025 levels. If there is a downside break below $0.3025, the price could even break the $0.3000 support. The next important support is near the $0.2960 level. If there are more losses, the price might test the 1.618 Fib extension level of the upward move from the $0.3103 low to $0.3420 swing high.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading in a bearish zone below $0.3120 and $0.3150. To start a fresh increase, the price must accelerate above the $0.3150 level. If not, there is a risk of more downsides below $0.3000.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level.

Major Support Levels – $0.3025, $0.3000 and $0.2960.

Major Resistance Levels – $0.3100, $0.3120 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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