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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ripple Price (XRP) Primed For More Downsides Near Term

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price is trading in a downtrend below the $0.2600 and $0.2650 supports against the US dollar.
  • The price is likely to extend its decline as long as it is below the $0.2650 level.
  • There is a key bearish trend line forming with resistance near $0.2570 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • There could be an upside correction, but the price is likely to face sellers near $0.2600 or $0.2620.

Ripple price is facing a lot of hurdles on the upsides against the US Dollar and bitcoin. XRP price remains at a risk of more downsides unless it settles above $0.2650.

Ripple Price Analysis

This past week, we saw a significant decline in bitcoin, Ethereum and ripple against the US Dollar. XRP broke the key $0.2650 and $0.2600 support levels to enter a bearish zone. Moreover, there was a close below $0.2650 and the 100 hourly simple moving average. It opened the doors for more downsides and the price traded towards the $0.2500 level. A swing low was formed near $0.2460 and later the price corrected higher.

A decent support base was formed near $0.2475 and recently the price corrected above $0.2500. Moreover, there was a break above the $0.2550 resistance. However, the price struggled to gain momentum above $0.2600. The recent swing high was formed near $0.2605 and the price dipped back towards $0.2500. The recent low was formed at $0.2507 and the price is currently correcting higher.

It traded above $0.2550 plus the 50% Fib retracement level of the recent decline from the $0.2605 high to $0.2507 low. However, the $0.2580 level seems to be acting as a strong resistance. Additionally, ripple price failed near the 76.4% Fib retracement level of the recent decline from the $0.2605 high to $0.2507 low. More importantly, there is a key bearish trend line forming with resistance near $0.2570 on the hourly chart of the XRP/USD pair.

Therefore, an upside break above the $0.2580 and $0.2600 levels is needed for more upsides. The next key resistance is near the $0.2620 level (the previous support). Having said that, the price must break the $0.2650 resistance to move back into a positive zone.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is facing a lot of hurdles on the upside near $0.2600 and $0.2620. On the downside, an immediate support is at $0.2500. The main support is at $0.2475, below which the price could tumble towards $0.2400.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to gain pace in the bullish zone.

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

Major Support Levels – $0.2520, $0.2500 and $0.2475.

Major Resistance Levels – $0.2580, $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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Reason to trust

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Created by industry experts and meticulously reviewed
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