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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ripple Price Technical Analysis 2017-12-22

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

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Key Highlights

  • Ripple price surged above the $1.00 level and traded as high as $1.24 against the US Dollar.
  • There are two bullish trend lines forming with support at $0.9500 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently correcting sharply lower and may soon test the $0.9500 and $0.9000 supports.

Ripple price after an upside surge above $1.20 against the US Dollar faced sellers, also versus Bitcoin. XRP/USD is moving down toward the $0.9000 support.

Ripple Price Correction

There was a solid rise in Ripple price above the $1.00 handle against the US Dollar. The price made a nice upside move and traded above the $1.10 and $1.20 resistance levels. It traded to a new all-time high at $1.2495 from where a downside correction was initiated. It has moved below the 23.6% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high.

It seems like the current correction may extend toward the $0.9000 level. On the downside, there are two bullish trend lines forming with support at $0.9500 on the hourly chart of the XRP/USD pair. The trend lines support is also around the 50% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high. Therefore, the $0.9000 level is a major support and it will most likely prevent downside move in the near term. Below $0.9000, the price could extend declines toward the 61.8% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high at $0.8790.

Ripple Price Technical Analysis XRP USD

On the upside, the price may move back above $1.00. However, the next major resistances are at $1.20 and $1.25 in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower sharply toward the 50 level.

Major Support Level – $0.9000

Major Resistance Level – $1.2000

 

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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Reason to trust

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