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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price Analysis: XRP At Risk In Short Term Before Fresh Increase

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ripple

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  • Ripple price carved a short term top near the $0.3200 level and declined recently against the US dollar.
  • The price failed to stay above the $0.3160 support and moved into a bearish zone.
  • Yesterday’s highlighted key bullish trend line was breached with support at $0.3150 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair traded below $0.3140 and it is now at a risk of more losses towards $0.3080 or $0.3060.

Ripple price failed to capitalize on recent gains against the US Dollar and bitcoin. XRP/USD broke the key $0.3160 support and it could extend the current correction towards the $0.3080 level.

Ripple Price Analysis

Yesterday, we discussed the importance of the $0.3200 resistance for ripple price against the US Dollar. The XRP/USD pair made a couple of attempts to clear the $0.3200 barrier, but it failed. Finally, there was a downside reaction and the price declined below the $0.3160 support. It traded below the 50% Fib retracement level of the last wave from the $0.3060 low to $0.3201 high. Furthermore, there was also a close below the $0.3160 support and the 100 hourly simple moving average.

More importantly, yesterday’s highlighted key bullish trend line was breached with support at $0.3150 on the hourly chart of the XRP/USD pair. The pair tested the next key support near $0.3110 and the 61.8% Fib retracement level of the last wave from the $0.3060 low to $0.3201 high. It is currently consolidating losses below $0.3150 and the 100 hourly SMA.

On the downside, an immediate support is near the $0.3110 level, below which the price is likely to slide towards $0.3080. An intermediate support is near $0.3094 and the 76.4% Fib retracement level of the last wave from the $0.3060 low to $0.3201 high. The main support on the downside is near the $0.3060 level, where buyers are likely to appear. On the upside, a convincing break above the $0.3160 level and the 100 hourly SMA may reduce the current bearish pressure.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is slowly moving into a bearish zone below $0.3160. However, the current wave can still be considered as a correction as long as the price stays above the $0.3060 support. On the upside, the main hurdle for buyers is near the $0.3200 level. A clear break above the $0.3200 barrier is must for upside continuation.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recovered recently from 40 and tested the 50 level.

Major Support Levels – $0.3110, $0.3080 and $0.3060.

Major Resistance Levels – $0.3160, $0.3180 and $0.3200.

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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

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