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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Price Analysis: XRP Holding Important Support, Can It Recover?

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

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  • Ripple price traded lower recently and tested the $0.3580 support against the US dollar.
  • There is a major bullish trend line with support at $0.3530 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could recover above $0.3650 as long as it is above the $0.3530 and $0.3580 supports.

Ripple price corrected lower recently against the US Dollar and Bitcoin. XRP/USD must stay above $0.3530 to start a fresh upward move in the near term.

Ripple Price Analysis

After forming a high near the $0.3760 level, ripple price started a downside correction against the US Dollar. The XRP/USD pair traded below the $0.3700 and $0.3650 supports levels. The decline was such that the price traded below the $0.3620 support as well. Sellers later pushed the price below the 50% Fib retracement level of the last leg from the $0.3470 low to $0.3761 high.

However, the price is now trading near the important $0.3580 support. The 100 hourly simple moving average is also positioned near the $0.3580 level. Besides, the 61.8% Fib retracement level of the last leg from the $0.3470 low to $0.3761 high is at $0.3581. Therefore, the $0.3580 support holds a lot of significance for buyers in the near term. If there is a break below $0.3580, the price may drop towards the $0.3530 support. There is also a major bullish trend line with support at $0.3530 on the hourly chart of the XRP/USD pair. The trend line support at $0.3530 is close to the 76.4% Fib retracement level of the last leg. On the upside, an initial resistance is near $0.3620 and a bearish trend line on the same chart.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading near a major support at $0.3580. As long as it is trading above the $0.3580 and $0.3530 supports, there are chances of a recovery.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now placed heavily in the bearish zone, signaling more losses.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, which is a negative sign.

Major Support Level – $0.3580

Major Resistance Level – $0.3620

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

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