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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Ripple (XRP) Price Signaling Bearish Breakdown, Could Retest $0.235

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ripple (XRP) Price

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Ripple failed to stay above the $0.2500 pivot level and started a fresh decline against the US Dollar. XRP price is likely to continue lower towards $0.2380 or $0.2350.

  • Ripple started a fresh decline after it struggled to clear the $0.2590-$0.2600 zone against the US dollar.
  • The price is now trading below the $0.2500 support and the 100 hourly simple moving average.
  • There was a break below a major contracting triangle with support at $0.2465 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue lower towards the $0.2380 support or even $0.2350.

Ripple Price is Showing Bearish Signs

After a strong upward move, ripple failed to stay above the $0.2550 resistance. XRP price topped near the $0.2590-$0.2600 resistance zone, and recently started a steady decline.

A high was formed near $0.2592 before the bears took control. There was a break below the $0.2550 and $0.2500 support levels. The price even spiked below $0.2420 and the 100 hourly simple moving average.

A low was formed near $0.2407 before there was a short-term upside correction. However, the price failed to gain strength above $0.2500 and resumed its decline. There was a break below a major contracting triangle with support at $0.2465 on the hourly chart of the XRP/USD pair.

Ripple Price

Ripple price dives above $0.2500. Source: TradingView.com

The price is now testing the 61.8% Fib retracement level of the recent upside correction from the $0.2407 low to $0.2512 high. It seems like the bears are aiming more downsides below the $0.2420 support.

The next key support is near the $0.2380 level. It is close to the 1.236 Fib extension level of the recent upside correction from the $0.2407 low to $0.2512 high. Any further losses could lead ripple towards the $0.2350 support.

Fresh Increase in XRP?

An initial resistance for ripple is near the $0.2645 level and the 100 hourly simple moving average. The first major resistance is near the $0.2500 level.

A successful break above the 100 hourly SMA and then a follow up move above the $0.2500 resistance might open the doors for a fresh increase in the near term. The next major resistance is near the $0.2550 level.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining towards the 35 level.

Major Support Levels – $0.2420, $0.2380 and $0.2350.

Major Resistance Levels – $0.2465, $0.2500 and $0.2550.

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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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