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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ripple Price Analysis: XRP’s Correction Reaches Crucial Juncture

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

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  • Ripple price started a downside correction and traded below the $0.3050 support against the US dollar.
  • There is a major declining channel in place with resistance near $0.3040 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is under pressure and it seems to be approaching the key $0.2915 support area.

Ripple price corrected most its gains against the US Dollar and Bitcoin. XRP/USD settled below $0.3050 and it could extend the current correction towards the $0.2915 support area.

Ripple Price Analysis

Recently, ripple price started a downside correction after trading as high as $0.3200 against the US Dollar. The XRP/USD pair traded below the $0.3100 and $0.3050 support levels. Sellers pushed the price below the $0.3000 support and the 100 hourly simple moving average. Besides, there was a break below the 61.8% Fib retracement level of the last leg from the $0.2865 low to $0.3200 high. It seems like the price trimmed most of its recent gains and it could extend the decline to $0.2915 in the near term.

It traded as low as $0.2939 recently and it is currently correcting higher. An initial resistance is near the $0.3000 level and the 100 hourly SMA. Besides, the 50% Fib retracement level of the recent drop from the $0.3077 high to $0.2939 low is also near $0.3000. Above this, the price could struggle near the $0.3025 level. The main resistance is near $0.3050 and the 76.4% Fib retracement level of the recent drop from the $0.3077 high to $0.2939 low. Finally, there is a major declining channel in place with resistance near $0.3040 on the hourly chart of the XRP/USD pair.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly following a declining pattern from the $0.3200 swing high. The price could remain under pressure and it may even slide towards the $0.2915 support. To recover, the price must break the $0.3000 and $0.3050 resistance levels.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD moved below the 40 level, with a bearish angle.

Major Support Level – $0.2915

Major Resistance Level – $0.3050

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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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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