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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ripple Price Analysis: XRP Targets Fresh Weekly Lows Before Upside

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

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  • Ripple price failed to gain momentum above the $0.3150 resistance and declined against the US dollar.
  • The price is now trading well below the $0.3140 resistance and the 100 hourly simple moving average.
  • There is a crucial contracting triangle in place with resistance near the $0.3095 level on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could dip sharply towards the $0.3020 support before it attempts a solid recovery.

Ripple price trading with a bearish angle against the US Dollar and bitcoin. XRP/USD remains at a risk of more losses before it could bounce back above $0.3120 and $0.3140.

Ripple Price Analysis

This past week, we saw a decent recovery from the $0.2980 swing low in ripple price against the US Dollar. The XRP/USD pair broke the $0.3100 and $0.3150 resistance levels to climb above $0.3200. It traded as high as $0.3232 and later started a downside move. There was a bearish push below the $0.3150 support and the 100 hourly simple moving average. The price broke the 50% Fib retracement level of the last wave from the $0.2981 low to $0.3232 high. It opened the doors for more losses and the price declined below $0.3100.

At the outset, the price is testing an important support near the $0.3070 level. If there is a downside break below $0.3070, the price could decline towards $0.3040. It represents the 76.4% Fib retracement level of the last wave from the $0.2981 low to $0.3232 high. More importantly, there is a crucial contracting triangle in place with resistance near the $0.3095 level on the hourly chart of the XRP/USD pair. The pair could dip sharply below the triangle support and test $0.3040 in the near term.

On the upside, if there is a break above the triangle, the price may test the $0.3130 resistance and 100 hourly simple moving average. Having said that, a proper break and close above $0.3150 is must for buyers to gain traction. The next key resistance is at $0.3200 and $0.3220.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently in a bearish zone below $0.3140. Therefore, there is a risk of a sharp drop towards the $0.3020 support before XRP attempts a solid recovery. Should buyers fail to defend the $0.3020 support, the price could break the last swing low at $0.2981. The next main support is at $0.2950 and $0.2920.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level, with a bearish bias.

Major Support Levels – $0.3070, $0.3040 and $0.3020.

Major Resistance Levels – $0.3100, $0.3140 and $0.3150.

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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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