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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

XRP Price Upside Fades: Is a Reversal on the Horizon?

Aayush Jindal
Aayush Jindal
11 months ago
2 mins read
XRP Price

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XRP price failed to climb above the $0.6050 resistance and declined. The price is now testing the $0.5765 support and might consolidate for some time.

  • XRP price is still struggling to clear the $0.600 resistance zone.
  • The price is now trading below $0.590 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase if it clears the $0.5850 and $0.5880 resistance levels.

XRP Price Dips Again

XRP price struggled to gain pace for a move above the $0.600 resistance zone. The price started a downside correction and traded below the $0.5880 support like Bitcoin and Ethereum.

There was a drop below the $0.580 level and the price tested $0.5750. A low was formed at $0.5744 and the price is now attempting a recovery wave. There was a move above the $0.5780 and $0.580 levels. The price cleared the 23.6% Fib retracement level of the downward move from the $0.5953 swing high to the $0.5744 low.

The price is now trading below $0.590 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5850 level. There is also a key bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair.

XRP Price
Source: XRPUSD on TradingView.com

The first major resistance is near the $0.5880 level or the 61.8% Fib retracement level of the downward move from the $0.5953 swing high to the $0.5744 low. The next key resistance could be $0.5920. A clear move above the $0.5920 resistance might send the price toward the $0.5950 resistance. Any more gains might send the price toward the $0.600 resistance or even $0.6050 in the near term.

More Losses?

If XRP fails to clear the $0.5850 resistance zone, it could start another decline. Initial support on the downside is near the $0.5765 level. The next major support is near the $0.5750 level.

If there is a downside break and a close below the $0.5750 level, the price might continue to decline toward the $0.5640 support in the near term. The next major support sits at $0.5500.

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 – $0.5765 and $0.5750.

Major Resistance Levels – $0.5850 and $0.5880.

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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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