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Charted: Ripple (XRP) Bulls Face Uphill Task Near $0.24

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

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Ripple started an upside correction from the $0.2280 support against the US Dollar. XRP price could start a strong rally if it clears the $0.2400 resistance zone.

  • Ripple is struggling to gain bullish momentum above the $0.2400 resistance against the US dollar.
  • The price is now trading well above $0.2350 and the 100 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $0.2400 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a strong rally if it clears the $0.2400 and $0.2440 levels in the near term.

Ripple’s XRP Price is Facing Hurdles

In the past few days, there was a steady decline in ripple’s XRP price below the $0.2500 support. The price even broke the $0.2400 support zone and settled well below the 100 simple moving average (4-hours).

It even spiked below the $0.2300 support level. A low is formed near the $0.2286 level and the price is currently recovering. Besides, there was a strong increase in bitcoin above $13,800 and ETH also climbed above $385, but XRP is facing a lot of hurdles.

It seems like the bulls are facing an uphill task near the $0.2400 and $0.2440 levels. A high is formed near $0.2442 and the price is declining. There is also a crucial bearish trend line forming with resistance near $0.2400 on the 4-hours chart of the XRP/USD pair.

Ripple (XRP)

Source: XRPUSD on TradingView.com

An initial support is near the $0.2365 level. It is close to the 50% Fib retracement level of the recent upward move from the $0.2286 low to $0.2442 high.

The first major support is near the $0.2350 level or the 61.8% Fib retracement level of the recent upward move from the $0.2286 low to $0.2442 high. On the upside, the price is clearly facing a huge resistance near $0.2400. To start a strong rally, the price must break the trend line resistance and then gain pace above $0.2440.

Key Breakdown Support for XRP

If ripple fails to clear the $0.2400 and $0.2440 resistance levels, there is a risk of a bearish breakdown. The first key support is near the $0.2350 level.

The next major support is near the $0.2300 zone and the $0.2286 swing low. A clear break below the $0.2286 low is likely to spark a sharp decline towards $0.2200 or even $0.2120 in the near term.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now struggling to settle above the 50 level.

Major Support Levels – $0.2365, $0.2350 and $0.2300.

Major Resistance Levels – $0.2400, $0.2440 and $0.2500.

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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

Ad discliamer

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