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

Ripple (XRP) Price Won’t Go Quietly, Risk of Bounce Grows

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

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  • Ripple price is correcting lower and is trading below the $0.2750 pivot level against the US dollar.
  • The price is holding the $0.2700 support area, but it is facing a strong resistance.
  • There is a key bullish trend line forming with support near $0.2700 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could extend its decline to $0.2650 before it starts a fresh increase above $0.2750.

Ripple price is struggling to continue higher against the US Dollar and bitcoin. XRP price might decline towards $0.2650 or $0.2620 before it could climb higher.

Ripple Price Analysis

Yesterday, ripple price traded above the $0.2850 resistance against the US Dollar. XRP price traded to a new weekly high at $0.2871 and later started a downside correction. It broke the $0.2800 and $0.2750 support levels. Moreover, there was a close below the $0.2750 support area and the 100 hourly simple moving average. The bears gained pace and even pushed the price below the $0.2720 support.

The price tested the $0.2650 support area and it is currently correcting higher. It broke the $0.2700 level and the 23.6% Fib retracement level of the recent decline from the $0.2871 high to $0.2652 low. However, the previous support near the $0.2750 level is currently acting as a resistance. Additionally, the 100 hourly SMA is also preventing an upside break near $0.2750.

On the upside, the next key resistance is near the $0.2765 level. It coincides with the 50% Fib retracement level of the recent decline from the $0.2871 high to $0.2652 low. A successful break above the $0.2750 and $0.2765 resistance levels could start a fresh increase in ripple in the near term. The next key resistance is near the $0.2820 level, followed by the key $0.2850 barrier.

On the downside, the $0.2700 level is an immediate support. Moreover, there is a key bullish trend line forming with support near $0.2700 on the hourly chart of the XRP/USD pair. If there is a break below the trend line, the price could revisit the $0.2650 support area. Any further losses might push the price into a bearish zone towards $0.2600.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price seems to be struggling to climb above the $0.2750 and $0.2765 resistance levels. If it continues to struggle, there could be another dip towards the $0.2650 level. However, as long as the price is above $0.2650, it could bounce back above $0.2750.

Technical Indicators

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

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

Major Support Levels – $0.2700, $0.2650 and $0.2600.

Major Resistance Levels – $0.2750, $0.2765 and $0.2820.

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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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