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Ripple Price (XRP) Facing Uphill Task: Fresh Decline Likely
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Ripple Price (XRP) Facing Uphill Task: Fresh Decline Likely

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ripple price XRP analysis

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  • Ripple price started an upside correction after trading as low as $0.2580 against the US dollar.
  • Bitcoin price is back above $10,000, but it is facing many important resistances near $10,250.
  • Yesterday’s followed key declining channel with resistance near $0.2670 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is now facing a strong resistance near the $0.2750 level and the 100 hourly SMA.

Ripple price is trading near a major resistance at $0.2750 against the US Dollar, similar to bitcoin. Therefore, XRP remains at a risk of more downsides below $0.2620 in the near term.

Ripple Price Analysis

Yesterday, we saw a major decline in XRP price below the $0.2800 and $0.2700 support levels against the US Dollar. Moreover, the price settled below $0.2700 and the 100 hourly simple moving average. Finally, the price broke the $0.2620 support and traded as low as $0.2581. Recently, ripple started an upside correction and traded above the $0.2620 and $0.2650 resistance levels.

Additionally, the price climbed above the 23.6% Fib retracement level of the last key decline from the $0.2919 high to $0.2581 low. More importantly, yesterday’s followed key declining channel with resistance near $0.2670 was breached on the hourly chart of the XRP/USD pair. The pair climbed above the $0.2700 level, but it faced a strong resistance near the $0.2750 level.

The 50% Fib retracement level of the last key decline from the $0.2919 high to $0.2581 low acted as a major resistance. Moreover, it seems like the 100 hourly simple moving average is preventing an upside break above $0.2750. If there is a successful close above $0.2750 and the 100 hourly SMA, the price could continue to rise in the coming sessions.

Conversely, if the bulls continue to struggle near $0.2750, the price might start a fresh decline. An immediate support is near the $0.2650 level. A downside break below the $0.2650 level might set the pace for more losses towards the $0.2600 and $0.2580 levels. Any further downsides could push the price towards the $0.2500 support level in the near term.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly facing a strong resistance near the 100 hourly simple moving average and the $0.2750 level. Therefore, the bears may perhaps aim a fresh decline below the $0.2650 and $0.2600 levels. Only a successful close above $0.2750 might help the bulls in gaining strength.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining pace in the bearish zone.

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

Major Support Levels – $0.2650, $0.2600 and $0.2580.

Major Resistance Levels – $0.2750, $0.2840 and $0.2900.

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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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