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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Is Recovering But Here Is Why It Could Reverse To $0.165

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple (XRP)

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Ripple is currently correcting higher from the $0.1810 support against the US Dollar. XRP price is now facing key barriers and it could reverse towards the $0.1650.

  • Ripple price is up more than 2% and it is above the $0.1860 level against the US dollar.
  • There are still many hurdles near the $0.1900 level and the 100 hourly simple moving average.
  • There is a key connecting bearish trend line forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could struggle to gain bullish momentum above the $0.1890 and $0.1900 resistance levels.

Ripple Price Facing Hurdles

Yesterday, we saw more losses in ripple below the $0.1850 level. XRP price traded to a new monthly low at $0.1812 and it is currently correcting higher.

There was a decent support base forming above the $0.1820 and $0.1840 levels. The price is now trading above the $0.1850 level, plus the 23.6% Fib retracement level of the recent drop from the $0.1965 high to $0.1812 low.

However, ripple price is now facing a strong resistance near the $0.1890 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent drop from the $0.1965 high to $0.1812 low is also acting as a major hurdle for the bulls.

More importantly, there is a key connecting bearish trend line forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair. The pair is likely to struggle near the $0.1890 and $0.1900 levels in the near term.

Ripple Price
Ripple Price

To move into a positive zone, the bulls need to gain pace above the $0.1920 level. The next key resistance is near the $0.1965 swing high, above which the price is likely to accelerate towards the $0.2000 level.

Reversal?

If ripple fails to continue above the 100 hourly SMA or the $0.1900 resistance, there are chances of a fresh decline in the coming sessions.

An initial support on the downside is near the $0.1850 level. The main support is near the $0.1810 and $0.1800 levels, below which the bears are likely to aim a test of the $0.1650 level in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now sliding and it might break the 50 level.

Major Support Levels – $0.1850, $0.1810 and $0.1800.

Major Resistance Levels – $0.1890, $0.1900 and $0.1920.

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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.

Read more

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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