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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 Technical Analysis – XRP/USD Breaks Key Support

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Ripple price failed to hold an important support at $0.1960 against the US Dollar and moved down.
  • This week’s highlighted major channel with support at $0.1960 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is currently trading near the $0.1880 support and attempting an upside recovery.

Ripple price declined substantially against the US Dollar and Bitcoin. XRP/USD broke $0.1950, which may now act as a resistance in the short term.

Ripple Price Resistance

This week, we followed a major support area at $0.1960-0.1950 in Ripple price against the US Dollar. There were many attempts by sellers to break $0.1950, but they failed. Similarly, buyers failed to push the price above $0.2050. At the end, sellers had the upper hand as they succeeded in breaking the $0.1950 support area. The worst part was the fact that this week’s highlighted major channel with support at $0.1960 was broken on the hourly chart of the XRP/USD pair.

It opened the doors for more slides and the pair traded below $0.1900. A low as formed at $0.1880 recently from where the pair is currently attempting a correction. An initial resistance is around the 23.6% Fib retracement level of the last drop from the $0.2050 high to $0.1880 low. However, the most important resistance is near $0.1960 and $0.1950. Moreover, the 50% Fib retracement level of the last drop from the $0.2050 high to $0.1880 low is at $0.1964.

Ripple Price Technical Analysis XRP USD

Therefore, any corrections from the current levels are likely to find barrier at $0.1960. On the downside, the recent low at $0.1880 is a decent support. A break of $0.1880 would call for a test of $0.1800.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently in the oversold region.

Major Support Level – $0.1880

Major Resistance Level – $0.1960

 

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