Ripple Price (XRP) Possible Scenarios and Bigger Picture

Aayush Jindal

1 year ago

2 mins read

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Ripple price is following a bearish path below the $0.2800 and $0.2900 resistances against the US dollar.
There are many supports on the downside such as $0.2640, $0.2580 and $0.2500.
There is a crucial bearish trend line forming with resistance near $0.2700 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
The price could either climb above $0.2800 or decline heavily below $0.2500 in the near term.

Ripple price is facing a lot of hurdles against the US Dollar and bitcoin. XRP price seems to be preparing for a larger wave either above $0.2800 or below $0.2500.

Ripple Price Analysis

In the past few days, there was a slow and steady decline in bitcoin, Ethereum and XRP against the US Dollar. After testing the key $0.2900 and $0.2920 resistance levels, ripple started a fresh decline. It broke the $0.2800 support level to move back into a bearish zone. Moreover, there was a close below the $0.2750 level and the 100 simple moving average (4-hours).

It opened the doors for more downsides below the $0.2650 support. Finally, the price tested the $0.2580 level and traded as low as $0.2581. Later, the price started an upside correction above the $0.2650 and $0.2700 level. Moreover, there was a break above the 50% Fib retracement level of the major decline from the $0.2919 high to $0.2580 low.

However, the upward move was capped by the $0.2800 resistance level. Additionally, the 61.8% Fib retracement level of the major decline from the $0.2919 high to $0.2580 low acted as a strong resistance. More importantly, there is a crucial bearish trend line forming with resistance near $0.2700 on the 4-hours chart of the XRP/USD pair. Ripple is now following a bearish path below the $0.2800 and $0.2900 resistances.

There are two possible scenarios – bullish above $0.2800 or bearish below $0.2500. If there is an upside break above $0.2800 and $0.2900, the price could start a strong upward move. The next stops for the bulls might be $0.2920, $0.3000 and $0.3120. Conversely, a downside break below $0.2580 and $0.2500 could accelerate losses in the coming days.

Looking at the chart, ripple price is clearly struggling to gain bullish momentum above $0.2750 and $0.2800. However, there are many supports near $0.2580 and $0.2500. Overall, the next key break is near and the price could either surge or decline heavily below $0.2500.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below 50 and is moving lower towards 40.

Major Support Levels – $0.2640, $0.2580 and $0.2500.

Major Resistance Levels – $0.2750, $0.2800 and $0.2920.

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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