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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 (XRP) Price Analysis: Recovery Likely To Remain Capped

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

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  • Ripple price extended its decline below the $0.4000 support area against the US dollar.
  • The price even broke the $0.3800 support area and traded close to the $0.3660 level.
  • There is a major bearish trend line forming with resistance near $0.3950 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to struggle near $0.3950 or $0.4000 if it corrects higher from the current levels.

Ripple price is slowly recovering from lows against the US Dollar, similar to bitcoin. XRP might correct higher, but it won’t be easy for the bulls to clear the $0.3950 or $0.4000 level.

Ripple Price Analysis

There was a sharp decline from the $0.4110 swing high in ripple price against the US Dollar. The XRP/USD pair broke the key $0.4000 and $0.3950 support levels to move further into a bearish zone. There was also a close below $0.4000 and the 100 hourly simple moving average. Finally, there was a break below $0.3800 and the price traded close to the $0.3660 level. A swing low was formed at $0.3687 and the price is currently correcting higher.

It is recovering above the $0.3800 level and the 23.6% Fib retracement level of the recent drop from the $0.4112 high to $0.3687 low. On the upside, there are many hurdles near the $0.3950 and $0.4000 levels. An initial resistance is near $0.3900. It coincides with the 50% Fib retracement level of the recent drop from the $0.4112 high to $0.3687 low. There is also a major bearish trend line forming with resistance near $0.3950 on the hourly chart of the XRP/USD pair.

The 61.8% Fib retracement level of the recent drop from the $0.4112 high to $0.3687 low is near the $0.3950 to stop the current wave. To start a decent and strong recovery, the price must clear the $0.3950 and $0.4000 resistance levels. The next key resistance is near the $0.4110 level, above which the price might move back in a positive zone. On the downside, an initial support is near the $0.3800 level, below which the price might move back towards $0.3660. Any further losses could push the price towards the $0.3500 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently recovering, but it could face a strong resistance near the $0.3950 and $0.4000 levels. If there is a clear break, the price could start a rise towards the $0.4200 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now moving higher and it is currently above the 25 level.

Major Support Levels – $0.3800, $0.3660 and $0.3500.

Major Resistance Levels – $0.3900, $0.3950 and $0.4000.

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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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