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

Ripple (XRP) Landslide To Continue: ETH Down 6%, BTC Breaks $7K

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price is down close to 6% and it broke the $0.2050 support area against the US dollar.
  • The price is likely to continue lower below $0.2000 and $0.1980 in the near term.
  • Earlier, there was a break below a couple of bearish continuation patterns with support near $0.2120 and $0.2050 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum is also down more than 6% and it is now trading near the $130 support.

Ripple price is declining heavily against the US Dollar and bitcoin. XRP price remains at a risk of another landslide below the $0.2000 support area.

Ripple Price Analysis

In the past few hours, there was a strong bearish wave in ripple, Ethereum, EOS, and a few other altcoins against the US Dollar. XRP price broke the main $0.2150 and $0.2120 support levels to move further into a bearish zone.

Furthermore, there was a close below $0.2100 and the 100 hourly simple moving average. The price even spiked below the $0.2050 support.

More importantly, there was a break below a couple of bearish continuation patterns with support near $0.2120 and $0.2050 on the hourly chart of the XRP/USD pair. The pair traded close to the $0.2000 support area and the recent low is near $0.2018.

The current price action suggests very less chances of an upside correction above $0.2040 in the short term. The first key resistance is near the $0.2050 level. It is near the 23.6% Fib retracement level of the recent slide from the $0.2185 high to $0.2018 low.

If ripple price corrects above the $0.2050 and $0.2060 levels, there are chances of further gains. The next major resistance is near the $0.2100 area. Moreover, the 50% Fib retracement level of the recent slide from the $0.2185 high to $0.2018 low is also near $0.2108.

Conversely, the price could continue to slide below the $0.2020 and $0.2000 support levels. In the mentioned bearish case, the price is likely to slide below the $0.1980 support area. The next major support is near the $0.1960 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is down and out below the $0.2100 level. The price action is super bearish and suggesting more losses below the $0.2000 support. Additionally, if bitcoin and Ethereum continues to slide, XRP is likely to follow.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently gaining strength in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still declining into the oversold area.

Major Support Levels – $0.2020, $0.2000 and $0.1960.

Major Resistance Levels – $0.2050, $0.2060 and $0.2100.

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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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