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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

XRP Price Shows Confluence Of Bearish Factors and Could Decline Again

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

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Ripple’s token price is showing bearish signs below $0.580 against the US Dollar. XRP price could start another decline if it trades below $0.480.

  • Ripple’s token price is struggling to recover above $0.550 and $0.580 against the US dollar.
  • The price is now trading below $0.56 and the 100 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $0.580 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair might start another decline if there is a break below $0.480.

Ripple’s Token Price Faces Uphill Task

After a major decline to $0.40, Ripple’s XRP started an upside correction against the US Dollar. The price recovered a few points above the $0.45 and $0.48 resistance levels, similar to Bitcoin and Ethereum.

The bulls pushed the price above the 50% Fib retracement level of the main decline from the $0.6654 swing high to the $0.3995 low. The price climbed above the $0.50 level. However, the bears are active near the $0.550 resistance zone.

XRP is now trading below $0.56 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.580 on the 4-hour chart of the XRP/USD pair.

Initial resistance on the upside is near the $0.550 zone. The next major resistance is near the $0.565 level or the 61.8% Fib retracement level of the main decline from the $0.6654 swing high to the $0.3995 low. The main resistance is now forming near the $0.580 zone and the trend line.

XRP Price

Source: XRPUSD on TradingView.com

A successful break above the $0.580 resistance level might send the price toward the $0.60 resistance or the 100 simple moving average (4 hours). Any more gains might call for a test of the $0.6650 resistance.

Another Drop in XRP?

If ripple fails to clear the $0.565 resistance zone, it could start another decline. Initial support on the downside is near the $0.500 zone.

The next major support is near $0.480. If there is a downside break and a close below the $0.480 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.400 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

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

Major Support Levels – $0.50, $0.480, and $0.40.

Major Resistance Levels – $0.550, $0.565, and $0.580.

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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.

Read more

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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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
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