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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Ripple (XRP) Is Plunging And Remains Vulnerable To A Drop Below $0.20

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

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Ripple is down more than 10% and it tagged the $0.2000 support against the US Dollar. XRP price is currently correcting higher, but upsides are likely to remain capped near $0.2150.

  • Ripple price is showing a lot of bearish signs below the $0.2200 and $0.2150 levels against the US dollar.
  • The price tested the $0.2000 support area and it remains at a risk of more losses.
  • There is a major contracting triangle forming with support near $0.2038 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could correct higher, but it is likely to face a strong selling interest near $0.2150.

Ripple Price Eyeing Fresh Increase

Ripple started a major decline from well above the $0.2300 support. XRP price followed a bearish path similar to bitcoin and Ethereum to settle well below the 100 hourly simple moving average.

The recent decline was such that the bears took the price below the $0.2150 support area. It tested the $0.2000 support level and a new monthly low is formed near $0.1998.

Ripple is currently correcting higher and trading above the $0.2040 level. Besides, it is testing the 23.6% Fib retracement level of the recent dive from the $0.2449 high to $0.1998 low.

On the upside, there are many hurdles forming near the $0.2100 and $0.2120 levels. There is also a major contracting triangle forming with support near $0.2038 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

If the pair breaks the triangle support and $0.2030, there are chances of more losses in the near term. The main support is near the $0.2000 area, below which the bears are likely to aim a test of the $0.1880 support area.

Recovery Could Be Capped

If ripple starts an upside correction above the $0.2100 resistance, it could test the key $0.2150 resistance area. There is also a crucial bearish trend line forming with resistance near $0.2160 on the same chart.

Above the trend line resistance, the 50% Fib retracement level of the recent dive from the $0.2449 high to $0.1998 low is near the $0.2220 area. Therefore, a decent recovery in ripple requires a solid break above the $0.2150 resistance and a follow through above the $0.2200 level.

If not, the bears are likely to aim more losses below the $0.2020 and $0.2000 support levels in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly recovering and it could move into the bullish zone.

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

Major Support Levels – $0.2040, $0.2020 and $0.2000.

Major Resistance Levels – $0.2100, $0.2120 and $0.2150.

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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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