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Ripple Price Analysis: XRP/USD Turned Bearish Below $0.5500

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis ripple

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Key Highlights

  • Ripple price failed to hold the $0.5520 and $0.5500 support levels and declined sharply against the US dollar.
  • There was a break below an important bullish trend line with support at $0.5420 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair tested the $0.5000-0.5020 support and it is currently consolidating losses.

Ripple price is under bearish pressure against the US Dollar and Bitcoin. XRP/USD could correct higher, but the previous support at $0.5500 may now prevent gains.

Ripple Price Analysis

Yesterday, we discussed about a couple of important supports near the $0.5520 level for Ripple price against the US Dollar. The XRP/USD pair recently faced an increased selling pressure and broke the $0.5520 support. The decline was such that the price even broke the $0.5500 support and the 100 hourly simple moving average. Sellers even managed to clear the last major swing low at $0.5320.

More importantly, there was a break below an important bullish trend line with support at $0.5420 on the hourly chart of the XRP/USD pair. The pair surpassed the $0.5200 level and traded close to the $0.5000 support. A low was formed at $0.5022 and the price is currently consolidating losses. An initial resistance is the 23.6% fib retracement level of the recent drop from the $0.6190 swing high to $0.5022 low. However, it seems like the price may correct towards the $0.5500 level, which is likely to act as a resistance. Moreover, the 50% fib retracement level of the recent drop from the $0.6190 swing high to $0.5022 low is at $0.5600.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price remains sell on rallies near the $0.5500 and $0.5600 levels. On the downside, if the price breaks the $0.5000 support, there could be more losses towards $0.4800.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 40 level.

Major Support Level – $0.5000

Major Resistance Level – $0.5300

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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

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