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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

XRP Price Hints at Weekly High: Are Bears Ready to Take Over?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
XRP Price Corrects Gains

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Created by industry experts and meticulously reviewed
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XRP price started a downside correction from the $0.6220 zone. The price declined below $0.600 and now consolidating above the $0.580 support.

  • XRP price started a downside correction below the $0.600 zone.
  • The price is now trading near $0.5950 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $0.600 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $0.600 resistance zone.

XRP Price Corrects Gains

XRP price extended its increase above the $0.600 resistance. However, it faced sellers near $0.6220 and recently started a downside correction like Ethereum and Bitcoin. There was a move below the $0.600 and $0.5950 levels.

The price even tested $0.580. A low is formed at $0.5802 and the price is now rising. There was a move above the $0.590 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $0.6232 swing high to the $0.5802 low.

The price is now trading near $0.5950 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price could face resistance near the $0.600 level. There is also a connecting bearish trend line forming with resistance at $0.600 on the hourly chart of the XRP/USD pair.

The trend line is close to the 50% Fib retracement level of the recent decline from the $0.6232 swing high to the $0.5802 low. The first major resistance is near the $0.6050 level.

XRP Price
Source: XRPUSD on TradingView.com

The next key resistance could be $0.6220. A clear move above the $0.6220 resistance might send the price toward the $0.6350 resistance. The next major resistance is near the $0.6500 level. Any more gains might send the price toward the $0.680 resistance.

More Losses?

If XRP fails to clear the $0.600 resistance zone, it could start another decline. Initial support on the downside is near the $0.5850 level. The next major support is at $0.580.

If there is a downside break and a close below the $0.580 level, the price might continue to decline toward the $0.550 support in the near term.

Technical Indicators

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

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

Major Support Levels – $0.5850 and $0.5800.

Major Resistance Levels – $0.6000 and $0.6050.

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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
How Our News is Made

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

Ad discliamer

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