Ripple Price (XRP) Showing Signs of Further Weakness

Aayush Jindal

1 year ago

2 mins read

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Ripple price recovered recently, but it failed to break the $0.2600 resistance area against the US dollar.
The price is currently moving lower and remains at a risk of more downsides below $0.2500.
Yesterday’s highlighted major bearish trend line is active with resistance near $0.2580 on the hourly chart of the XRP/USD pair (data source from Kraken).
The current technical structure suggests more downsides as long as the price is below $0.2620.

Ripple price is gaining bearish momentum against the US Dollar and bitcoin. XRP price could trade to a new monthly low if it continues to struggle below $0.2600.

Ripple Price Analysis

Yesterday, there was a sharp decline in ripple below the $0.2600 and $0.2580 supports against the US Dollar. The bears took control and pushed the price below the $0.2500 support level. Moreover, the price settled below the 100 hourly simple moving average and traded to a new monthly low at $0.2460. Recently, there was an upside correction above the $0.2500 and $0.2520 levels.

The price traded above the $0.2580 resistance level as well. However, the $0.2600 and $0.2620 resistance levels acted as key barriers. Finally, the price topped near $0.2623 and it is currently moving lower. Ripple is trading below the $0.2550 level plus the 50% Fib retracement level of the recent wave from the $0.2460 low to $0.2623 high. An immediate support on the downside is near the $0.2520 level.

Additionally, the 61.8% Fib retracement level of the recent wave from the $0.2460 low to $0.2623 high is also near the $0.2520 level. Therefore, a downside break below the $0.2520 support may accelerate decline. The next stop for the bears could be near the last swing low at $0.2460. More importantly, the price may perhaps continue to move down towards the $0.2420 and $0.2400 supports.

On the upside, there is a major resistance forming near the $0.2580 and $0.2600 levels. Besides, yesterday’s highlighted major bearish trend line is active with resistance near $0.2580 on the hourly chart of the XRP/USD pair. Therefore, it won’t be easy for the bulls to push the price above the $0.2580 and $0.2600 resistances.

Looking at the chart, ripple price is clearly struggling to continue higher above $0.2580 and $0.2600. On the downside, a clear break below $0.2520 and $0.2500 is likely to push the price further lower. The bears are likely to target the $0.2420 and $0.2400 support levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is holding the 40 level, with a minor bullish angle.

Major Support Levels – $0.2520, $0.2500 and $0.2450.

Major Resistance Levels – $0.2580, $0.2600 and $0.2620.

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.

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.
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