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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Price Starts Fresh Decrease: BTC & ETH Trimming Gains

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

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  • Ripple price is currently declining from the key $0.2320 resistance area against the US dollar.
  • The price is now trading below $0.2260 and it is showing a few bearish signs.
  • Yesterday’s major bullish trend line was breached with support near $0.2280 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum is also struggling and it is declining towards the $144 support area.

Ripple price is under a minor bearish pressure against the US Dollar, similar to bitcoin. XRP price remains at a risk of a drop towards the $0.2140 support area in the near term.

Ripple Price Analysis

In the past few days, there was a decent increase in ripple price above the $0.2200 resistance against the US Dollar. XRP price traded above the $0.2250 and $0.2280 resistance levels.

Moreover, there was a clear break above the $0.2300 resistance and the 100 hourly simple moving average. However, the price struggled to gain strength above the key $0.2320 resistance area.

A high was formed near $0.2324 before the price started a fresh decrease below $0.2300. Besides, there was a break below the 23.6% Fib retracement level of the upward move from the $0.2098 low to $0.2324 high.

More importantly, yesterday’s highlighted major bullish trend line was breached with support near $0.2280 on the hourly chart of the XRP/USD pair. Additionally, the pair settled below $0.2260 and the 100 hourly simple moving average.

Ripple is now trading below the $0.2240 and approaching the 50% Fib retracement level of the upward move from the $0.2098 low to $0.2324 high. It seems like the $0.2210 and $0.2200 levels are decent supports.

If the price fails to stay above the $0.2200 support, it could continue to move down towards the $0.2140 level. An intermediate support is near the 61.8% Fib retracement level of the upward move from the $0.2098 low to $0.2324 high.

On the upside, the previous support near $0.2240 may perhaps act as a resistance. The first key resistance could be $0.2260 and the 100 hourly SMA. Therefore, the price must move above $0.2240 and $0.2260 to revisit the key $0.2320 resistance area in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is showing a few bearish signs below $0.2260, similar to bitcoin and Ethereum. If ETH slides below $144 and bitcoin breaks $7,260, there are chances of a drop in XRP towards $0.2100.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining strength in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting high, but it is still below 50.

Major Support Levels – $0.2210, $0.2200 and $0.2140.

Major Resistance Levels – $0.2240, $0.2260 and $0.2320.

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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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