Ripple (XRP) Turned ‘Sell’ on Rallies: $0.18 and $0.17 Are Likely Targets

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 declined heavily from well above the $0.2200 resistance against the US Dollar. XRP is currently recovering, but upsides are likely to remain capped near $0.2080 and $0.2100.

Ripple is trading in a bearish zone below the $0.2000 pivot level against the US dollar.
The price traded as low as $0.1872 and it is currently correcting higher.
There is a short term bearish trend line forming with resistance near $0.19855 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could correct higher towards $0.2080, but it is likely to face a strong selling interest.

Ripple Price is Facing Hurdles

This past week, there was a strong decline in bitcoin, Ethereum and ripple. XRP price started a substantial decline from well above the $0.2200 level and broke many key supports near the $0.2080 level.

The price settled below the $0.2000 support area and the 100 hourly simple moving average. It traded as low as $0.1872 and it is currently correcting higher. The bulls were able to push the price above the $0.1920 and $0.1950 resistance levels.

Ripple price surpassed the 23.6% Fib retracement level of the downward move from the $0.2252 high to $0.1872 low. It is now facing hurdles near the $0.2000 resistance area. There is also a short term bearish trend line forming with resistance near $0.19855 on the hourly chart of the XRP/USD pair.

If there is an upside break above the trend line and $0.2000, the pair could recover towards the $0.2065 and $0.2080 resistance levels. The 50% Fib retracement level of the downward move from the $0.2252 high to $0.1872 low is also near $0.2062.

Therefore, the bulls are likely to face a strong selling interest if there is a decent recovery wave towards the $0.2060 and $0.2080 resistance levels.

More Downsides

If ripple fails to correct above $0.2000, it could continue to move down. An initial support on the downside is visible near the $0.1920 level.

The first major support is near the $0.1880 level, below which the bears are likely to aim a test of the $0.1700 level in the coming sessions. The next key support is near the $0.1720 and $0.1700 levels.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 40 level.

Major Support Levels – $0.1920, $0.1900 and $0.1880.

Major Resistance Levels – $0.2000, $0.2060 and $0.2080.

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.