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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

$0.22: Ripple (XRP) Bears Aim Big After Recent Slide Below $0.25

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ripple (XRP)

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Ripple declined heavily along with bitcoin and ethereum against the US Dollar. XRP price even broke the $0.2500 support zone and it is currently correcting losses.

  • Ripple is down over 10%, and it broke the $0.2620 and $0.2550 levels against the US dollar.
  • The price traded to a new weekly low at $0.2372 and it is now well below the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $0.2560 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct a few points, but it is likely to face hurdles near $0.2550 and $0.2560.

Ripple Price Tumbles Below $0.2500

The recent decline in Ethereum and bitcoin dragged ripple lower below the $0.2650 support. XRP extended its decline below the $0.2550 support zone and settled well below the 100 hourly simple moving average.

The bears even pushed the price below the $0.2500 support zone. The price traded to a new weekly low at $0.2372 and it is now correcting higher. There was a break above the $0.2450 resistance, plus the 23.6% Fib retracement level of the recent decline from the $0.2674 high to $0.2372 low.

The first key resistance is near the $0.2500 and $0.2520 levels. The 50% Fib retracement level of the recent decline from the $0.2674 high to $0.2372 low is also near $0.2525.

Ripple Price

Ripple price trades below $0.2500. Source: TradingView.com

More importantly, there is a major bearish trend line forming with resistance near $0.2560 on the hourly chart of the XRP/USD pair. A clear break above the $0.2500 and $0.2560 resistance levels is must for a decent recovery wave in the coming days.

The next key resistance is near the $0.2660 level, above which the bulls are likely to aim a test of the $0.2750 resistance in the near term.

More Downsides in XRP?

If ripple fails to recover above the $0.2500 resistance or the trend line, the price is likely to continue lower below the $0.2450 and $0.2440 levels.

The next major support is near the recent low and $0.2380, below which the price is likely to accelerate lower towards the $0.2320 support or even the $0.2200 pivot level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting higher towards the 40 level.

Major Support Levels – $0.2440, $0.2400 and $0.2380.

Major Resistance Levels – $0.2500, $0.2550 and $0.2560.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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