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Ripple Price Technical Analysis – XRP/USD’s Downsides Supported

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

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Key Highlights

  • Ripple price traded as high as $1.1024 before starting a downside correction against the US dollar.
  • Yesterday’s highlighted ascending channel with current support at $1.0080 is intact on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair may extend the current decline, but it is likely to find support near $1.0000 and $1.0080.

Ripple price is currently correcting lower against the US Dollar and Bitcoin. XRP/USD remains well supported on the downside above the $1.00 handle.

Ripple Price Support

Recently, we saw a nice upside move in Ripple price above the $1.00 level against the US Dollar. The price traded above the $1.10 level and formed a high at $1.1024. Later, a downside wave was initiated and the price moved below the 23.6% Fib retracement level of the last wave from the $0.9136 low to $1.1024 high. However, there are many supports on the downside such as $1.0000 and $1.0080.

More importantly, yesterday’s highlighted ascending channel with current support at $1.0080 is intact on the hourly chart of the XRP/USD pair. The pair extend the current correction pattern, but the channel support and $1.00 are major buy zones. Furthermore, the channel support is near the 50% Fib retracement level of the last wave from the $0.9136 low to $1.1024 high. The last but not the least, the 100 hourly simple moving average is also positioned around the channel support and $1.00 to prevent declines.

Ripple Price Technical Analysis XRP USD

Therefore, the $1.00 handle is a major buy zone. A break below $1.00 could push the price back in the bearish zone. On the upside, an initial resistance is at $1.10. Above $1.10, the price has to surpass $1.15 for more gains.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to stay above the 50 level.

Major Support Level – $1.0000

Major Resistance Level – $1.1100

 

Charts courtesy – SimpleFX

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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.

Read more

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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Comments 4

  1. Rene says:
    7 years ago

    This 2 day hovering is due to Asian holidays. 50% of all XRP is trade in S Korea. There for was the big decline in Januar (S Korean regulation). I bet “all in” that there will be a masive corection up shortly.

    Reply
    • Dilip Madamshetty says:
      7 years ago

      Correction positive or negative?

      Reply
      • David Vander Elst says:
        7 years ago

        He said up, and I’m sure he’s right

        Reply
  2. Nishant Dwivedi says:
    7 years ago

    Ripple will rise in 2018 at steady rate.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 4

  1. Rene says:
    7 years ago

    This 2 day hovering is due to Asian holidays. 50% of all XRP is trade in S Korea. There for was the big decline in Januar (S Korean regulation). I bet “all in” that there will be a masive corection up shortly.

    Reply
    • Dilip Madamshetty says:
      7 years ago

      Correction positive or negative?

      Reply
      • David Vander Elst says:
        7 years ago

        He said up, and I’m sure he’s right

        Reply
  2. Nishant Dwivedi says:
    7 years ago

    Ripple will rise in 2018 at steady rate.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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