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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ripple Price Technical Analysis – XRP/USD Short-term Correction

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

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Key Highlights

  • Ripple price after surging above $0.8500 against the US Dollar faced sellers and started a downside correction.
  • This is a bearish trend line forming with resistance at $0.7250 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair correct a few points in the near term towards the $0.6000 support area.

Ripple price is currently correcting lower against the US Dollar and Bitcoin. XRP/USD has to move above $0.7250 to resume its uptrend.

Ripple Price Correction

This past week, we saw nasty gains in Ripple price above the $0.8000 level against the US Dollar. The price was able to move above the $0.8500 and $0.8800 resistance levels. However, there was no upside break above the $0.9000 handle. A correction wave was initiated and the price moved down toward the $0.6020 level. It found support above $0.6000 and recovered back towards $0.8500. However, the recovery was limited above $0.8000 and the price is now once again correcting lower.

It has moved below the 50% Fib retracement level of the last wave from the $0.6020 low to $0.8420 high. On the upside, there is a bearish trend line forming with resistance at $0.7250 on the hourly chart of the XRP/USD pair. The pair is following the trend line and is currently below $0.7500 and the 100 hourly simple moving average. It seems like an upside break above the $0.7250 level and the 100 hourly SMA won’t be easy.

Ripple Price Technical Analysis XRP USD

On the downside, the pair recently tested the 76.4% Fib retracement level of the last wave from the $0.6020 low to $0.8420 high. Therefore, there are chances of XRP failing above $0.7200. It could correct further and test the $0.6000 support zone in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is recovering from the 30 level.

Major Support Level – $0.6020

Major Resistance Level – $0.7250

 

Charts courtesy – Trading View, Kraken

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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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