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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Ripple Price Analysis: Can XRP/USD Hold Gains?

Aayush Jindal
Aayush Jindal
Last Updated: October 7, 2020 11:27 am
2 mins read
technical analysis ripple

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Key Highlights

  • Ripple price failed to move above the $0.6880 resistance and declined a few points against the US dollar.
  • Yesterday’s highlighted important ascending channel is intact with support at $0.6700 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must stay above the $0.6700 support area to avoid any major slides in the near term.

Ripple price is trading near key supports against the US Dollar and Bitcoin. XRP/USD could bounce back from the $0.6700 support and 100 hourly simple moving average.

Ripple Price Support

The past few sessions were mostly ranging with tiny bearish moves from well above $0.6800 in Ripple price against the US Dollar. The price traded as high as $0.6889 and it struggled to gain momentum above the stated level. As a result, a downside correction was initiated, and the price moved below the $0.6800 level. Moreover, there was a break below the 23.6% Fib retracement level of the last wave from the $0.6543 low to $0.6889 high.

However, the price is finding bids near a key support around $0.6700. More importantly, yesterday’s highlighted important ascending channel is intact with support at $0.6700 on the hourly chart of the XRP/USD pair. Furthermore, the 50% Fib retracement level of the last wave from the $0.6543 low to $0.6889 high is also acting as a support and preventing declines. Should there be a break below the channel support at $0.6700, the price may perhaps trade back towards the $0.6500 level. Below this, the price could even revisit the $0.6200 support area.

Ripple Price Analysis XRP USD

Looking at the chart, the price might bounce back from the $0.6700 support area. On the upside, a break and close above the $0.6880 level is needed for a push above the $0.7000 hurdle.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD has moved back in the bearish zone.

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

Major Support Level – $0.6700

Major Resistance Level – $0.6880

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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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