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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ripple Price (XRP) Could Breakdown Below $0.2480

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
technical analysis ripple

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  • Ripple price is struggling to gain momentum above the $0.2600 resistance against the US dollar.
  • The price is currently declining and it could continue to move down below $0.2520.
  • There is a connecting bearish trend line forming with resistance near $0.2545 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could decline sharply below the $0.2500 and $0.2480 support levels in the near term.

Ripple price is showing bearish signs below $0.2500 against the US Dollar, similar to bitcoin. XRP price is struggling to climb and it could accelerate losses below $0.2480.

Ripple Price Analysis

This week, XRP price made another attempt to climb above the $0.2650 resistance against the US Dollar. The price failed to remain in the positive zone above $0.2650 and later started a fresh decline. The bulls failed to keep the price above the $0.2600 level and the 100 hourly simple moving average. Ripple is struggling and is trading well below the $0.2580 level.

The recent decline was such that the price even broke the $0.2550 support. A swing low was formed near $0.2510 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the recent decline from the $0.2636 high to $0.2511 low. However, the upward move was capped by the $0.2560 level. Moreover, there is a connecting bearish trend line forming with resistance near $0.2545 on the hourly chart of the XRP/USD pair.

If there is an upside break above the trend line, the price could test the $0.2580 resistance. Additionally, the 50% Fib retracement level of the recent decline from the $0.2636 high to $0.2511 low is also near the $0.2580 level. If the price climbs above $0.2580 level, there are chances of it revisiting the main $0.2650 resistance area in the near term.

Conversely, if the price continues to decline, it could struggle to stay above the $0.2510 and $0.2500 support levels. The main support is now near the $0.2480 level. If the price slides further, there is a risk of a breakdown below the $0.2450 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is showing a lot of bearish signs and is trading well below the $0.2580 level. As long as the price is trading below $0.2580, there are chances of more losses. On the upside, the bulls might continue to face a strong selling interest near the $0.2650 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now moving well below the 50 level.

Major Support Levels – $0.2510, $0.2500 and $0.2480.

Major Resistance Levels – $0.2560, $0.2600 and $0.2620.

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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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