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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Prediction: Breakout or Further Decline?

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

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  • Ripple price failed to hold gains above $0.3020 and declined recently against the US dollar.
  • The price traded to a new weekly low below the $0.2950 and $0.2920 support levels.
  • There is a major bearish trend line formed with resistance near $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to decline further as long as it is below $0.3000 and $0.3020.

Ripple price is struggling to gain bullish momentum against the US Dollar and bitcoin. XRP remains at a risk of more downsides unless the bulls push the price above $0.3000 and $0.3020.

Ripple Price Analysis

Yesterday, ripple price started a decent upward move above $0.2980 and $0.3000 levels against the US Dollar. The XRP/USD pair even traded above the $0.3020 level and the 100 hourly simple moving average. However, the price faced a strong resistance the $0.3040 and $0.3050 levels. The bulls failed to remain in action, resulting in a downside move below the $0.3020 support. The price declined below the $0.3000 support and the 100 hourly simple moving average.

The decline was such that the price broke the previous swing low and traded to a new weekly low at $0.2913. At the moment, the price is correcting higher towards $0.2980. It is trading above the 23.6% Fib retracement level of the recent drop from the $0.3062 high to $0.2913 low. On the upside, there are many hurdles near the $0.2980 and $0.3000 levels. There is also a major bearish trend line formed with resistance near $0.3000 on the hourly chart of the XRP/USD pair. The trend line coincides with the 50% Fib retracement level of the recent drop from the $0.3062 high to $0.2913 low.

Therefore, a clear break above the $0.2980 and $0.3000 resistances is must for a fresh increase. Once there is a successful close above $0.3000, the price may climb higher towards the $0.3040 and $0.3050 resistance levels. On the other hand, if the price fails near $0.2980 or $0.3000, it could decline again. An initial support is near the $0.2920 level, below which the price may even break $0.2900.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price seems to be following a declining pattern below $0.3000. Therefore, the bulls must gain momentum above $0.3000 and $0.3020 to overcome further losses. On the downside, the main support is near the $0.2900 level. If there is a downside break below $0.2900, the price is likely to test $0.2850.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.

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

Major Support Levels – $0.2920, $0.2900 and $0.2850.

Major Resistance Levels – $0.2980, $0.3000 and $0.3020.

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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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