• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Ripple

Ripple (XRP) Is Primed To Correct Higher Despite Recent Sell-off

Aayush Jindal by Aayush Jindal
1 year ago
in Ripple, Technical analysis
Reading Time: 2min read
Ripple (XRP)
Advertisement

Ripple remained in a major downtrend from well above the $0.2650 level against the US Dollar. XRP price tested the $0.2240 support area and it could correct higher in the short term.

  • Ripple price is down close to 6% and it broke the $0.2350 support area against the US dollar.
  • The price tested the $0.2240 support area and it is currently consolidating losses.
  • There is a contracting triangle forming with resistance near $0.2300 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price must climb above the $0.2300 level to start a recovery towards the $0.2450 level.

Ripple Price Could Correct Higher

Recently, we saw a strong decline in ripple from well above the $0.2650 level. XRP price broke many supports near $0.2500 and $0.2450 levels to enter a short term downtrend.

Moreover, there was a break below the $0.2350 support level and the price settled well below the 100 hourly simple moving average. The decline was such that the price traded below the $0.2280 level.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Finally, it found support near the $0.2240 level and it is currently consolidating losses. A weekly low is formed near $0.2232 and the price is testing the 23.6% Fib retracement level of the recent slide from the $0.2452 high to $0.2232 low.

More importantly, there is a contracting triangle forming with resistance near $0.2300 on the hourly chart of the XRP/USD pair. Therefore, a clear break above the triangle resistance could open the doors for a decent recovery in ripple towards the $0.2400 and $0.2450 levels.

Ripple Price
Ripple Price

An intermediate resistance is near the $0.2365 level. It is close to the 50% Fib retracement level of the recent slide from the $0.2452 high to $0.2232 low.

Finally, ripple price must climb above the $0.2450 and $0.2500 resistance levels to start a fresh increase in the coming days.

More Losses?

If ripple fails to correct above the $0.2300 and $0.2365 resistance levels, it could continue to move down. The first key support on the downside is near the $0.2240 level.

If there is a clear break below $0.2240 and $0.2232, the price could move down towards the $0.2200 level. Any further losses is likely to lead the price towards the $0.2050 level in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is still showing many bearish signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 40 level, with bearish angle.

Major Support Levels – $0.2240, $0.2200 and $0.2050.

Major Resistance Levels – $0.2300, $0.2365 and $0.2450.

Tags: Ripplexrp
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Polkadot (DOT)

Charted: Polkadot (DOT) Steadies Above $35, Why Bulls Aim $40 or Higher

5 hours ago
Ethereum

TA: Ethereum Lacks Momentum Above $1,550, Why Dips Likely To Be Limited

7 hours ago
Bitcoin

TA: Bitcoin Holding Gains, Why BTC Could Surge Above $50K

9 hours ago
bitcoin bear trap dollar dxy btc

Bitcoin Shakes Off Dollar Rebound But Beware Of Coming Bear Phase

11 hours ago
ethereum showtime alt season

Alt Season 2.0: Analyst Claims It’s “Showtime” For Ethereum

16 hours ago
Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

23 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

ECOMI to List OMI Tokens with BitMax

March 3, 2021

eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal

March 2, 2021

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.