Ripple (XRP) Price Could Revisit $0.2000, BTC & ETH Under Pressure

Aayush Jindal

1 year ago

2 mins read

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Ripple price rallied recently above the $0.2220 resistance, but failed near $0.2265 against the US dollar.
The price currently declining and it is approaching the pre-rally level near $0.2100.
There is a new bearish trend line forming with resistance near $0.2210 on the hourly chart of the XRP/USD pair (data source from Kraken).
Ethereum is also down and moving towards the $142 support area.

Ripple price is still trading in downtrend despite the recent rally against the US Dollar, similar to bitcoin. XRP price is likely to revisit the $0.2000 support in the near term.

Ripple Price Analysis

After tagging the $0.2100 support area, ripple started a strong rise above $0.2200 resistance area against the US Dollar. Moreover, XRP price rallied above the $0.2220 resistance and the 100 hourly simple moving average.

However, the $0.2265 and $0.2270 levels acted as a strong barrier. A swing high was formed near $0.2277 and the price started trimming gains. It traded below the $0.2180 level and the 100 hourly simple moving average.

Besides, the price broke the 50% Fib retracement level of the recent rally from the $0.2097 low to $0.2277 high. Clearly, ripple price made a failed attempt to start a strong recovery above the $0.2220 and $0.2265 levels.

It is now trading below the 76.4% Fib retracement level of the recent rally from the $0.2097 low to $0.2277 high. Therefore, there is a risk of a downside break below the $0.2100 support area in the near term.

In the mentioned case, the price could even trade below the $0.2050 support area. The main support is near the $0.2000 level, where the bulls are likely to take a stand.

Any further losses could push ripple in a nasty downtrend towards $0.1900 or may be $0.1850. On the upside, there are many resistances near the $0.2150 and $0.2180 levels.

Additionally, there is a new bearish trend line forming with resistance near $0.2210 on the hourly chart of the XRP/USD pair. An intermediate resistance is near $0.2200 and the 100 hourly SMA. If the price climbs above the $0.2200 and $0.2210 resistance levels, it could move into a bullish zone.

Looking at the chart, ripple price is down and out below $0.2180. Thus, there are high possibilities of a downside extension below the $0.2100 and $0.2050 levels in the coming sessions. The bears seem to be aiming the $0.2000 support.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is declining and it is well below the 50 level.

Major Support Levels – $0.2100, $0.2050 and $0.2000.

Major Resistance Levels – $0.2180, $0.2200 and $0.2210.

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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