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Ripple Price Technical Analysis – Can XRP/USD Recover Further? 2018-03-16

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:23 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price started an upside correction and moved above the $0.6500 level against the US dollar.
  • There is a crucial bearish trend line forming with resistance at $0.7200 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must move above the $0.7200 resistance and the 100 hourly simple moving average to gain momentum.

Ripple price is slowly recovering against the US Dollar and Bitcoin. XRP/USD has to move above the $0.7200-0.7300 zone to recover further in the near term.

Ripple Price Upside Hurdle

There was a major decline noted yesterday towards $0.6200 in Ripple price against the US Dollar. The price traded as low as $0.6260 and later started an upside correction. It moved above the $0.6500 resistance to start an upside recovery. It also traded above the 38.2% Fib retracement level of the last drop from the $0.7899 high to $0.6267 swing low.

However, the upside move was protected by a major resistance near $0.7080-0.7100. The stated $0.7080 level was a support earlier and now it is acting as a resistance. Moreover, the 50% Fib retracement level of the last drop from the $0.7899 high to $0.6267 swing low also protected losses. At the moment, the price is consolidating around the $0.7000 level and is preparing for the next move. To the topside, there is a crucial bearish trend line forming with resistance at $0.7200 on the hourly chart of the XRP/USD pair.

Ripple Price Technical Analysis XRP USD

The 100 hourly simple moving average is also positioned around the $0.7100 level. Therefore, a break above the $0.7080 and $0.7100 levels is must for further recoveries. On the downside, the $0.6500 level is a decent support followed by the $0.6200 swing low.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.

Major Support Level – $0.6500

Major Resistance Level – $0.7080

 

Charts courtesy – Trading View

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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
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