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Ripple Price (XRP) Testing Crucial Support With Bearish Bias

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

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  • Ripple price extended its decline and tested the key $0.2650 support area against the US dollar.
  • The price could accelerate its decline if it fails to hold the key $0.2650 support.
  • There is a major declining channel forming with resistance near $0.2810 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price may perhaps correct higher, but upsides are likely to face hurdles near $0.2800 and $0.2850.

Ripple price is showing bearish signs against the US Dollar, similar to bitcoin and Ethereum. XRP price must stay above $0.2650 to start a decent recovery in the near term.

Ripple Price Analysis

In the past few days, ripple price followed a bearish path and settled below $0.300 against the US Dollar. The XRP/USD pair even broke the $0.2850 support area and the 100 hourly simple moving average. The recent decline was such that the price traded below the $0.2720 level and tested the main support area near $0.2650 (the previous breakout resistance).

The recent low was formed near $0.2640 and the price is currently consolidating. An immediate resistance is near the $0.2695 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $0.2864 high to $0.2640 low. On the upside, there are many resistances near the $0.2750 and $0.2800 levels. Additionally, the 50% Fib retracement level of the recent decline from the $0.2864 high to $0.2640 low is near $0.2752.

More importantly, there is a major declining channel forming with resistance near $0.2810 on the hourly chart of the XRP/USD pair. The channel resistance is close to the 100 hourly SMA at $0.2820. Therefore, ripple price is likely to face a strong resistance near the $0.2800 and $0.2850 levels. A successful close above the $0.2850 resistance could open the doors for the fresh increase.

Conversely, if the price fails to correct higher above $0.2750 or $0.2800, it could continue to decline. The main support is near the $0.2650 and $0.2640 levels. A convincing break below the $0.2650 support area might start a solid decline in the coming sessions. The next key supports are near the $0.2550 and $0.2500 levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is showing bearish signs below $0.2750 and $0.2800. The current price action is bearish, but there are a few possibilities of a decent recovery as long as the price is above $0.2650. If not, the price may soon test $0.2500.

Technical Indicators

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

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

Major Support Levels – $0.2650, $0.2640 and $0.2500.

Major Resistance Levels – $0.2750, $0.2810 and $0.0.2850.

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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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