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Ripple Price (XRP) Could Turn Bearish Below $0.2400
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Ripple Price (XRP) Could Turn Bearish Below $0.2400

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price struggled to break the $0.2550 resistance and declined recently against the US dollar.
  • The price is trading below $0.2500 and it seems like it could slowly decline towards $0.2400.
  • There was a break below a connecting bullish trend line with support near $0.2475 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could accelerate lower if there is a break below the $0.2420 and $0.2400 support levels.

Ripple price is under pressure below $0.2500 against the US Dollar, similar to bitcoin. XRP price must break $0.2500 and $0.2550 to start a strong upward move.

Ripple Price Analysis

Yesterday, ripple price made a couple of attempts to surpass the $0.2550 resistance against the US Dollar. However, the XRP/USD pair failed to gain strength above $0.2550 and recently declined. It broke the $0.2500 and $0.2480 support levels. Moreover, there was a close below the $0.2500 level and the 100 hourly simple moving average.

During the decline, there was a break below a connecting bullish trend line with support near $0.2475 on the hourly chart of the XRP/USD pair. The pair tested the $0.2420 support area and it is currently correcting higher. It broke the $0.2450 level, plus the 50% Fib retracement level of the recent decline from the $0.2544 high to $0.2415 low. However, the previous support near the $0.2500 level and the 100 hourly simple moving average are currently preventing an upside break.

Moreover, the 61.8% Fib retracement level of the recent decline from the $0.2544 high to $0.2415 low is acting as a resistance. There is also a connecting bearish trend line forming with resistance near $0.2500 on the same chart. Therefore, an upside break above the $0.2500 level might start a fresh increase. The next key resistance is near the $0.2550 level, above which the price could test the main $0.2620 resistance.

On the downside, an immediate support is near the $0.2450 level, followed by $0.2420. If there is a bearish break below the $0.2420 and $0.2400 support levels, the price may perhaps retest the main $0.2350 support in the near term.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading in a bearish zone below $0.2550 and the 100 hourly SMA. It seems like there could be another dip towards the $0.2400 or $0.2350 support level. On the upside, the bulls need to gain strength above $0.2550 and $0.2620 for bullish continuation.

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 50 level, with bearish signs.

Major Support Levels – $0.2420, $0.2400 and $0.2350.

Major Resistance Levels – $0.2500, $0.2550 and $0.2620.

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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.

Read more

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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