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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Charted: Ripple (XRP) Tumbles 20%, Why It Could Test $0.20

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

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Ripple started a fresh decline after it failed to stay above $0.3000 against the US Dollar. XRP price is over 20% and it seems like the bears are aiming a test of the $0.2000 support.

  • Ripple started a fresh decline from well above the $0.2800 support zone against the US dollar.
  • The price is now trading well below $0.2500 and the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.2460 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is gaining bearish momentum and it could continue to move down towards $0.2000 or $0.1880.

Ripple’s XRP Price Tumbles Again

After a sharp decline, ripple’s XRP price started a decent recovery wave. It broke the $0.3000 and $0.3200 resistance levels, but it failed to continue higher. A swing high was formed near $0.3867 before the bears took back control.

There was another sharp decline and the price tumbled below the $0.3000 support. The price broke the $0.2800 support and settled well below 100 simple moving average (4-hours).

There was also a break below the 61.8% Fib retracement level of the recovery wave from the $0.2004 swing low to $0.3867 high. It opened the doors for more downsides below $0.2400. There is also a major bearish trend line forming with resistance near $0.2460 on the 4-hours chart of the XRP/USD pair.

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

The price is now trading below the 76.4% Fib retracement level of the recovery wave from the $0.2004 swing low to $0.3867 high. It seems like the bears are likely to aim more losses below $0.2200. Th next key support is near the $0.2000 level.

Any more losses could lead the price towards the $0.1550 zone. It is close to the 1.236 Fib extension level of the recovery wave from the $0.2004 swing low to $0.3867 high.

Upsides Capped in XRP?

If ripple starts a recovery wave, it could face a lot of hurdles, starting with $0.2350. The first major resistance for the bulls is near the $0.2500 level and the bearish trend line.

The main resistance is now forming near the $0.3000 level, above which it could recover towards the 100 simple moving average (4-hours).

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level.

Major Support Levels – $0.2050, $0.2000 and $0.1550.

Major Resistance Levels – $0.2450, $0.2500 and $0.3000.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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