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

Ripple (XRP) Nosedives 8%, Technicals Indicate A Drop To $0.25

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ripple (XRP)

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Ripple failed to clear the $0.3000 barrier and started a strong decline against the US Dollar. XRP price is down over 8% and it seems like the bears are aiming a test of the $0.2500 support.

  • Ripple is declining and it is now trading well below the $0.3000 level against the US dollar.
  • The price is currently approaching the $0.2750 support and the 100 SMA (H4).
  • There is a key bearish trend line forming with resistance near $0.2980 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could decline further if there is a close below the $0.2750 and $0.2720 support levels.

Ripple Price Is Showing Bearish Signs

After a couple of failed attempts to clear the $0.3000 resistance, ripple started a fresh decline. The price broke the $0.2920 support level to move into a short-term bearish zone.

The bears gained strength and the price declined below the key $0.2850 support levels. The price even traded below the 50% Fib retracement level of the upward move from the $0.2407 low to $0.3210 high.

Moreover, there is a key bearish trend line forming with resistance near $0.2980 on the 4-hours chart of the XRP/USD pair. Ripple price is now trading near the $0.2780 level and the 100 simple moving average (4-hours).

Ripple (XRP)

Ripple (XRP) price trades below $0.2850. Source: TradingView.com

If there is a downside break, the price could continue to move down towards the $0.2720 support. The 61.8% Fib retracement level of the upward move from the $0.2407 low to $0.3210 high is also near the $0.2715 level.

A downside break below the $0.2720 and $0.2700 support levels, the price could continue to move down. The next major support is seen near the $0.2500 level (the last major breakout zone). Ant further losses may perhaps push the price back into a bearish zone.

Reversal in XRP?

If ripple stays above the 100 SMA (H4) or the $0.2720 support zone, the price could start a fresh increase. The first major resistance zone is near the $0.2850 level.

The main hurdle is still near the $0.3000 level and the bearish trend line. A successful close above the $0.3000 level is needed for a strong upward move in the coming sessions.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining strength in the bearish zone.

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

Major Support Levels – $0.2750, $0.2720 and $0.2500.

Major Resistance Levels – $0.2850, $0.2920 and $0.3000.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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