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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ripple Price (XRP) Could Underperform: Recovery Could Face Hurdles

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
technical analysis ripple

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  • Ripple price declined heavily below the $0.3800 and $0.3500 support levels against the US dollar.
  • The price even traded close to the $0.3000 support level and it is currently correcting higher.
  • There is a new breakout pattern forming with resistance near $0.3320 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could correct higher, but upsides are likely to remain capped near $0.3460.

Ripple price is currently under a lot of pressure against the US Dollar and bitcoin. XRP price might recover towards the $0.3460 level, but later it could resume its slide.

Ripple Price Analysis

Recently, there was a sharp decline in bitcoin, Ethereum and ripple against the US Dollar. XRP/USD declined heavily below the $0.3800 and $0.3500 support levels. It opened the doors for more losses below the $0.3460 support level. Moreover, the price even broke the $0.3200 support and the 100 hourly simple moving average. Finally, the price traded close to the $0.3000 level and a new monthly low was formed near the $0.3035.

Recently, there was an upside correction above the $0.3150 and $0.3200 levels. The price climbed above the 50% Fib retracement level of the recent decline from the $0.3626 high to $0.3035 low. However, the upward move was capped by the $0.3400 level. Besides, there is a new breakout pattern forming with resistance near $0.3320 on the hourly chart of the XRP/USD pair.

The 61.8% Fib retracement level of the recent decline from the $0.3626 high to $0.3035 low also acted as a hurdle recently. It seems like ripple price might correct higher above the $0.3320 resistance area. However, the bulls are likely to face a strong resistance near the $0.3400 or $0.3460 level. The main resistance on the upside is near the $0.3750 level and the 100 hourly simple moving average.

On the other hand, if the price fails to correct above $0.3400 or $0.3460, there could be a fresh decline. An immediate support is near the $0.3180 level. If there is a downside break below $0.3180, the price is likely to revisit the $0.3030 or $0.3000 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently consolidating losses above the $0.3200 level. It may correct higher above $0.3320 or $0.3350. Having said that, the bulls are likely to struggle and the price could resume it slide if there is no successful break above the $0.4460 resistance area.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recovered recently, but failed near the 40 level.

Major Support Levels – $0.3200, $0.3180 and $0.3030.

Major Resistance Levels – $0.3320, $0.3400 and $0.3460.

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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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