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Ripple Price Analysis: XRP/USD At Risk Of More Declines

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price failed to recover above the $0.3600 resistance level and declined against the US dollar.
  • There is a major bearish trend line formed with resistance at $0.3550 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently at a risk of a downside break below the $0.3400 and $0.3300 support levels.

Ripple price remains in a bearish zone against the US Dollar and Bitcoin. XRP/USD could accelerate declines if sellers push the price below $0.3400.

Ripple Price Analysis

Yesterday, we discussed a possible downward move towards $0.3000 in ripple price against the US Dollar. The XRP/USD pair did trade lower and broke the $0.3500 support level. The price tested the $0.3400 level and it is currently consolidating losses. The current price action is bearish below $0.3600 and the 100 hourly simple moving average. An initial resistance is near the 23.6% Fib retracement level of the recent slide from the $0.3753 high to $0.3400 low.

On the upside, there are many hurdles for buyers near the $0.3550 and $0.3600 levels. There is also a major bearish trend line formed with resistance at $0.3550 on the hourly chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the recent slide from the $0.3753 high to $0.3400 low. Above the trend line, the next hurdle is near the $0.3600 level and the 100 hourly SMA. Therefore, if the price corrects higher, it could find a strong resistance near $0.3500 or $0.3600.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is struggling to recover above $0.3600. If sellers remain in action, the price could break the $0.3400 low. The next key support is at $0.3300, below which the price may test $0.3180.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now around the 35 level.

Major Support Level – $0.3400

Major Resistance Level – $0.3600

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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
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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