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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Price Prediction: Dips Turn Attractive In Near Term As Bulls Lose Control

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

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XRP price started a downside correction from the $0.6700 resistance. The bulls are now active above $0.5400 and might aim for a fresh increase.

  • XRP started a fresh increase above the $0.600 resistance level.
  • The price is now trading above $0.550 and the 100 simple moving average (4 hours).
  • There was a break below a key rising channel with support at $0.610 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh rally if there is a close above the $0.60 resistance zone.

XRP Price Revisits Support

In the past few days, XRP price climbed higher from the $0.550 zone. There was a move above the $0.580 and $0.600 resistance levels. However, the upside was less compared to Bitcoin and Ethereum.

The price even climbed above the $0.650 resistance before the bears appeared. A new multi-week high was formed near $0.6692 before the price dived. There was a strong bearish wave below the $0.620 support. There was a break below a key rising channel with support at $0.610 on the 4-hour chart of the XRP/USD pair.

The pair even dived below the $0.600 level. A low was formed near $0.530 and the price is now attempting a fresh increase. There was a move above the $0.560 level and the 23.6% Fib retracement level of the downward move from the $0.6692 swing high to the $0.530 low.

Ripple’s token price is now trading above $0.550 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.600 zone or the 50% Fib retracement level of the downward move from the $0.6692 swing high to the $0.530 low.

The first key resistance is near $0.6240, above which the price could rise toward the $0.650 resistance. A close above the $0.650 resistance zone could spark a strong increase.

XRP Price

Source: XRPUSD on TradingView.com

The next key resistance is near $0.680. If the bulls remain in action above the $0.680 resistance level, there could be a rally toward the $0.7050 resistance. Any more gains might send the price toward the $0.7320 resistance.

Another Decline?

If XRP fails to clear the $0.60 resistance zone, it could start another decline. Initial support on the downside is near the $0.562 zone.

The next major support is at $0.540 and a connecting bullish trend line. If there is a downside break and a close below the $0.540 level, the price might accelerate lower. In the stated case, the price could retest the $0.5120 support zone.

Technical Indicators

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

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

Major Support Levels – $0.5620, $0.540, and $0.5120.

Major Resistance Levels – $0.600, $0.6240, and $0.650.

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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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