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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Resuming Decline, Bitcoin Breaks $8.5K

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price is under pressure and struggling to surpass the $0.2660 resistance against the US dollar.
  • The price is currently declining and it is likely to break the $0.2580 support area.
  • There is a major bearish trend line forming with resistance near $0.2645 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Conversely, Ethereum is still holding the main $180 and $178 support levels.

Ripple price is facing an increase in selling below $0.2650 against the US Dollar, similar to bitcoin. XRP price could continue to move down below $0.2600 and $0.2580.

Ripple Price Analysis

After a sharp decline below the $0.2600 support, ripple recovered from the $0.2521 low against the US Dollar. XRP/USD corrected above the $0.2600 and $0.2620 resistance levels.

However, the price faced a strong resistance near the $0.2660 level and the 100 hourly simple moving average. There was no close above the 100 hourly SMA, resulting in a fresh bearish reaction.

The price broke the $0.2620 support level. Moreover, ripple decline below the 23.6% Fib retracement level of the upward move from the $0.2521 low to $0.2660 high. It has opened the doors for more losses below the $0.2600 support.

An immediate support is near the $0.2580 level and a connecting bullish trend line on the hourly chart of the XRP/USD pair. If there is a downside break below the trend line support, the price is likely to decline further below the $0.2570 support.

The next major support is near the $0.2520 level, below which the price may even break $0.2500. Any further losses might lead ripple towards the $0.2450 support area.

On the upside, there are many hurdles near the $0.2660 level and the 100 hourly SMA. Additionally, there is a major bearish trend line forming with resistance near $0.2645 on the same chart.

Therefore, a clear break above the $0.2660 resistance and the 100 hourly SMA is needed for a decent upward move. The next resistance is near $0.2685, above which the price is likely to climb towards the $0.2750 resistance area in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading in a bearish zone below the $0.2700 and $0.2660 levels. On the downside, the $0.2520 and $0.2500 support levels are very important. Any further declines could its accelerate decline and the price may even struggle to hold $0.2450.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, but showing a few correction signs.

Major Support Levels – $0.2600, $0.2580 and $0.2520.

Major Resistance Levels – $0.2660, $0.2685 and $0.2720.

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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.

Read more

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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