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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Charted: Ripple (XRP) Testing Crucial Support, Why It Could Nosedive

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

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Ripple is struggling to stay above the key $0.2600 support against the US Dollar. XRP price could nosedive if there is a close below $0.2600 and $0.2550.

  • Ripple is showing a few bearish signs below the $0.2750 and $0.2800 resistance levels against the US dollar.
  • The price is testing the $0.2600 support and it is well below the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.2720 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could either rally above $0.2750 or it might slide towards the $0.2150 support.

Ripple’s XRP Price is Struggling To Recover

After struggling to clear the $0.3120 resistance, ripple’s XRP price started a fresh decline. The price declined heavily below the $0.2800 support level and it even spiked below $0.2600.

A low was formed near $0.2390 before the price started an upside correction. There was a break above the $0.2500 and $0.2550 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.3306 swing high to $0.2390 low.

However, the price seems to be facing resistance near the $0.2850 level. There is also a key bearish trend line forming with resistance near $0.2720 on the 4-hours chart of the XRP/USD pair.

Ripple (XRP)

Source: XRPUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the downward move from the $0.3306 swing high to $0.2390 low. XRP is now testing the $0.2600 support and it is well below the 100 simple moving average (4-hours).

If there is a downside break below the $0.2600 support level, the bears are likely to gain strength. In the stated case, there is a risk of a sharp decline towards the $0.2400 and $0.2350 levels. The price could even revisit the $0.2150 level in the near term.

Fresh Increase in XRP?

If ripple stays above the $0.2600 support zone, there are chances of a fresh increase. Th first key resistance is near the trend line and $0.2750. The next major resistance is near the $0.2800 level and the 100 SMA (H4).

A successful close above the $0.2800 level could open the doors for a surge towards the $0.3000 and $0.3120 levels.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is showing negative signs in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 50 level.

Major Support Levels – $0.2600, $0.2450 and $0.2150.

Major Resistance Levels – $0.2750, $0.2800 and $0.35000.

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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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