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

XRP Price Trims Gains After Rally – Is This Just a Healthy Correction?

Aayush Jindal
Aayush Jindal
1 day ago
2 mins read
XRP Price Uptrend Hits a Snag

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XRP price started a downside correction from the $3.650 zone. The price is now trading below $3.30 and remains at risk of more losses.

  • XRP price started a downside correction below the $3.50 zone.
  • The price is now trading below $3.450 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $3.30 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another increase if it stays above the $3.050 zone.

XRP Price Dips Further

XRP price started a fresh decline after it failed to clear the $3.650 resistance zone, like Bitcoin and Ethereum. The price declined below the $3.450 and $3.350 support levels.

The decline was such that the price traded below the $3.120 level. A low was formed at $3.050 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $3.650 swing high to the $3.050 low.

The price is now trading below $3.450 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $3.30 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $3.2320 level. The first major resistance is near the $3.2650 level. A clear move above the $3.2650 resistance might send the price toward the $3.350 resistance or the 50% Fib retracement level of the recent decline from the $3.650 swing high to the $3.050 low.

XRP Price
Source: XRPUSD on TradingView.com

Any more gains might send the price toward the $3.450 resistance or even $3.50 in the near term. The next major hurdle for the bulls might be near the $3.650 zone.

Another Drop?

If XRP fails to clear the $3.350 resistance zone, it could start another decline. Initial support on the downside is near the $3.150 level. The next major support is near the $3.120 level.

If there is a downside break and a close below the $3.120 level, the price might continue to decline toward the $3.050 support. The next major support sits near the $3.00 zone.

Technical Indicators

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

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

Major Support Levels – $3.120 and $3.050.

Major Resistance Levels – $3.250 and $3.350.

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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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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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