Ripple (XRP) Price Remains Vulnerable Below $0.3050

Aayush Jindal

1 year ago

2 mins read

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

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ripple price struggled to gain bullish momentum and declined below $0.3000 against the US dollar.
The price is currently trading below key supports and it could extend losses below $0.2940.
There is a short term bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair remains at a risk of more losses towards the $0.2900 and $0.2850 support levels.

Ripple price is currently in a declining mode against the US Dollar and bitcoin. XRP failed to hold gains and it could continue to move down towards the $0.2850 level.

Ripple Price Analysis

This past week, there were decent gains in ripple price above the $0.3050 level against the US Dollar. The XRP/USD pair traded above the $0.3100 level, but it failed to gain strength above the $0.3120 resistance. As a result, there was a fresh decline below the $0.3080 and $0.3050 support levels. The price recently broke the $0.3000 support, and the 76.4% Fib retracement level of the last wave from the $0.2949 high to $0.3125 high. It opened the doors for a break below the $0.2950 support level.

The price is currently trading with a bearish angle and below the $0.2960 and $0.2950 supports. If it extends losses, the next stop for the bears could be $0.2907 and $0.2900. The 1.236 Fib extension level of the last wave from the $0.2949 high to $0.3125 high is also near the $0.2907. Below $0.2900, there could be a sharp drop towards the key support near $0.2850. The 1.618 Fib extension level of the last wave from the $0.2949 high to $0.3125 high near $0.2840 may also act as a support.

On the upside, there is a strong resistance forming near $0.3000 and the 100 hourly simple moving average. There is also a short term bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair. The pair needs to clear the trend line, the $0.3000 barrier, and the 100 hourly SMA to start a decent upward move. The next key resistance above the $0.3000 level is near the $0.3050 level.

Looking at the chart, ripple price is clearly under pressure below the $0.3000 pivot level. Having said that, the $0.3050 level is also a strong resistance. Therefore, as long as the price is below $0.3000 and $0.3050, there is a risk of more losses in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined below the 40 level, with no major recovery sign.

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

Major Resistance Levels – $0.3000, $0.3020 and $0.3040.

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.

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.