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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Drops Significantly, Next Leg Underway?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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  • Ripple price declined further below the $0.3040 and $0.3000 support levels against the US dollar.
  • The price remained in a bearish zone below $0.3200 as discussed in yesterday’s analysis.
  • There is a major bearish trend line in place with resistance at $0.3060 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct higher in the short term, but it is likely to decline further towards $0.2850.

Ripple price extended losses and broke key supports against the US Dollar and bitcoin. XRP is currently in a bearish zone and it could continue to move down towards $0.2850 or $0.2820.

Ripple Price Analysis

Yesterday, we saw the start of a strong decline from the $0.3300 resistance area in ripple price against the US Dollar. The XRP/USD pair declined sharply below the $0.3250 and $0.3220 support levels. There was even a close below the $0.3200 level and the 100 hourly simple moving average. A swing low was formed near $0.3175 and later the price corrected higher. It moved above $0.3200, but it failed below the 50% Fib retracement level of the drop from the $0.3288 high to $0.3175 low.

As a result, there was a fresh decline below the $0.3175 support area (as discussed in yesterday’s analysis). There was a sharp decline below the $0.3100 and $0.3040 support levels. The price even broke the $0.3000 support to register more than 10% intraday drop. It traded close to the $0.2900 level and a swing low was formed at $0.2904. At the moment, the price is consolidating losses above the $0.2910 level. It recovered above the 23.6% Fib retracement level of the recent drop from the $0.3216 high to $0.2904 low. On the upside, there are many hurdles near the $0.3050 and $0.3060 levels.

There is also a major bearish trend line in place with resistance at $0.3060 on the hourly chart of the XRP/USD pair. The trend line coincides with the 50% Fib retracement level of the recent drop from the $0.3216 high to $0.2904 low. Therefore, it won’t be easy for the bulls to push the price above the $0.3050 and $0.3060 resistance levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly under a lot of bearish pressure below $0.3100 and the 100 hourly SMA. There is a risk of more losses below the $0.2900 support levels. Sellers may push the price towards $0.2850 or even $0.2820.

Technical Indicators

Hourly MACD – The MACD for XRP/USD could move back in a bearish zone in the short term.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 and 40 levels.

Major Support Levels – $0.2900, $0.2850 and $0.2820.

Major Resistance Levels – $0.3050, $0.3060 and $0.3070.

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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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