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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

XRP Price Slides to Support, Is a Fresh Increase Coming Soon?

Aayush Jindal
Aayush Jindal
1 month ago
2 mins read
XRP Price Clings to Support

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XRP price is down over 6% from the $3.350 resistance zone. The price is holding the $3.020 support and might aim to start a fresh increase.

  • XRP price is attempting a fresh increase from the $3.020 zone.
  • The price is now trading below $3.20 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $3.280 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could regain bullish momentum if it clears the $3.150 zone.

XRP Price Dips To Support

XRP price attempted more gains above the $3.30 zone, like Bitcoin and Ethereum. The price tested the $3.35 level and failed to extend gains. A high was formed at $3.35 and the price started a downside correction.

There was a break below a key bullish trend line with support at $3.280 on the hourly chart of the XRP/USD pair. The pair dipped below the $3.250 and $3.150 support levels. Finally, it tested the $3.020 support zone. A low was formed at $3.031 and the price is now recovering toward the 23.6% Fib retracement level of the downward move from the $3.350 swing high to the $3.031 low.

The price is now trading below $3.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.10 level. The first major resistance is near the $3.150 level.

XRP Price
Source: XRPUSD on TradingView.com

A clear move above the $3.150 resistance might send the price toward the $3.20 resistance. Any more gains might send the price toward the $3.250 resistance or even $3.2650 in the near term. The next major hurdle for the bulls might be near $3.30.

Another Decline?

If XRP fails to clear the $3.150 resistance zone, it could start a fresh decline. Initial support on the downside is near the $3.050 level. The next major support is near the $3.020 level.

If there is a downside break and a close below the $3.020 level, the price might continue to decline toward the $3.00 support. The next major support sits near the $2.880 zone, below which there could be a larger decline.

Technical Indicators

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

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

Major Support Levels – $3.050 and $3.020.

Major Resistance Levels – $3.150 and $3.20.

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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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