Ripple Price (XRP) Could Recover While BTC and ETH Facing Hurdles

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ripple price started an upside correction after trading to a new monthly low at $0.2897 against the US dollar.
The price is trading above the $0.3000 level, with a few positive signs.
There was a break above a crucial bearish trend line with resistance near $0.2990 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to continue higher once it breaks the $0.3060-$0.3075 resistance area.

Ripple price is currently correcting losses against the US Dollar, while bitcoin is facing hurdles. XRP price could continue to climb higher as long as it is above $0.2950.

Ripple Price Analysis

Recently, there was a steady decline in ripple price below the $0.3050 and $0.3000 supports against the US Dollar. The XRP/USD pair even broke the $0.2950 support and the 100 hourly simple moving average. Finally, it tested the $0.2900 and traded to a new monthly low at $0.2897. Similarly, Ethereum price declined towards the $200 support area before starting an upside correction.

Ripple price formed a decent support above the $0.2900 level and recently corrected above $0.3000. There was a break above the 23.6% Fib retracement level of the last major drop from the $0.3316 high to $0.2897 low. Moreover, there was a break above a crucial bearish trend line with resistance near $0.2990 on the hourly chart of the XRP/USD pair.

The pair tested the $0.3050 resistance and it is currently consolidating above the 100 hourly SMA. On the upside, there are a few key resistances near $0.3075 and $0.3100. Moreover, the 50% Fib retracement level of the last major drop from the $0.3316 high to $0.2897 low is also near the $0.3100 area. Therefore, the price could accelerate gains if there is a break above $0.3075 and $0.3100.

On the downside, there is a decent support forming near $0.2950. Additionally, there is a connecting bullish trend line forming with support near $0.2950. Therefore, dips remains supported near $0.2950. If the price fails to stay above the $0.2950 support, there could be another slide towards the $0.2900 support. The next key support area is near the $0.2840 level.

Looking at the chart, ripple price is showing a few positive signs above the $0.2950 support area. However, the bulls need to gain traction above the $0.3050 and $0.3075 levels to push the price further higher. If they continue to struggle, there is a risk of a fresh decline towards $0.2900 or even $0.2840.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.

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

Major Support Levels – $0.3000, $0.2950 and $0.2900.

Major Resistance Levels – $0.3050, $0.3075 and $0.3100.

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.

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.