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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Ripple (XRP) Price Won’t Go Down Quietly: Key Supports To Watch

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple (XRP)

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Ripple climbed above $0.2800, but it failed to continue above $0.2860 against the US Dollar. XRP price is currently declining towards the key $0.2700 and $0.2650 support levels.

  • Ripple price topped near the $0.2860 level and declined recently against the US dollar.
  • The price is now trading below the $0.2800 level, but there are still many supports on the downside.
  • There was a break below a key bullish trend line with support near $0.2760 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely to find a strong buying interest near $0.2700 or $0.2650.

Ripple Price Could Bounce Back

Recently, there was a steady increase in ripple from the $0.2650 support area. XRP price broke the $0.2800 resistance area and the 100 hourly simple moving average.

However, the bulls failed to lead the price toward the $0.3000 resistance. A swing high is formed near $0.2861 and the price recently started a fresh decline. It traded below the $0.2800 and $0.2780 levels to move into a short term bearish zone.

Besides, there was a break below a key bullish trend line with support near $0.2760 on the hourly chart of the XRP/USD pair. The pair even declined below the 50% Fib retracement level of the upward move from the $0.2714 low to $0.2861 high.

Ripple Price
Ripple Price

Ripple is now trading well below the $0.2780 level and the 100 hourly simple moving average. It is testing the 76.4% Fib retracement level of the upward move from the $0.2714 low to $0.2861 high.

On the downside, there are many supports near the $0.2700 and $0.2650 levels. On the upside, the 100 hourly SMA is an initial hurdle near $0.2760. The first key resistance is seen near the $0.2800 level, above which the bulls are likely to gain strength. In the mentioned case, the price could rise further towards $0.3000.

More Downsides?

If ripple fails to climb back above $0.2800, it could slide below the $0.2700 support. The next key support is near the $0.2650 and $0.2640 levels. An intermediate support is near the $0.2680 level since it is the 1.236 Fib extension of the upward move from the $0.2714 low to $0.2861 high.

Overall, there could be a downside extension in the short term, but the price is likely to bounce back from $0.2700 or $0.2650.

Technical Indicators

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

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

Major Support Levels – $0.2700, $0.2680 and $0.2650.

Major Resistance Levels – $0.2800, $0.2860 and $0.3000.

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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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