Ripple (XRP) Just Signaled “Sell” And It’s Vulnerable To A Drop Below $0.20

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 failed to stay above the $0.2050 resistance and declined recently against the US Dollar. XRP is showing bearish signs and it could decline further below $0.1980 and $0.1960.

Ripple traded as high as $0.2066 and recently started a fresh decline against the US dollar.
The price is showing many bearish signs below the $0.2050 and $0.2020 levels.
There was a break below a key ascending channel with support near $0.2015 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to continue lower below the $0.1980 and $0.1960 levels.

Ripple Price Could Decline Further

Recently, bitcoin topped near the $9,950 level and declined sharply. It prompted a bearish reaction in ripple from the $0.2066 high. It seems like XRP price failed to stay above the $0.2050 resistance and started a fresh decline.

There was a break below the $0.2040 and $0.2020 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.1848 low to $0.2066 high.

More importantly, there was a break below a key ascending channel with support near $0.2015 on the hourly chart of the XRP/USD pair. Ripple is now testing the $0.2000 support area and the 100 hourly simple moving average.

If there is a downside break below the 100 hourly SMA, the price could test the $0.1980 support. It is close to the 50% Fib retracement level of the upward move from the $0.1848 low to $0.2066 high.

If there are more downsides, the price could continue to move down towards the $0.1920 support. Any further losses could open the doors for a larger decline towards the $0.1840 support area in the near term.

Chances of an Upside Break in XRP

On the upside, an initial resistance is near the $0.2050 level. There is also a connecting bearish trend line with resistance near $0.2050 on the same chart. If ripple breaks the bearish trend line, there are chances of more gains above the $0.2066 high.

The next key resistance is near the $0.2095 and $0.2100 levels. Any further gains could lead the price towards the $0.2220 zone in the coming sessions.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Levels – $0.2000, $0.1960 and $0.1920.

Major Resistance Levels – $0.2050, $0.2100 and $0.2200.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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.