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Charted: Ripple (XRP) Breakdown Looks Real, Why It Could Retest $0.45
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Charted: Ripple (XRP) Breakdown Looks Real, Why It Could Retest $0.45

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ripple (XRP)

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Ripple failed to clear the $0.6150 resistance and broke a major support at $0.5740 against the US Dollar, similar to bitcoin and ETH. XRP price is likely to continue lower towards $0.5100 or even $0.4500.

  • Ripple started a major decline after it broke the key $0.5740 support zone against the US dollar.
  • The price is now trading well below the $0.5740 zone and the 100 simple moving average (4-hours).
  • There was a break below yesterday’s highlighted crucial contracting triangle with support at $0.5880 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could retest $0.5740 before it extends its decline towards $0.5000.

Ripple’s XRP Price is Gaining Bearish Momentum

After a couple of failed attempts near $0.6200 and $0.6150, ripple’s XRP price started a strong decline. Bitcoin, ETH, BCH, ADA, LINK and many other altcoins declined heavily.

XRP also followed a similar pattern and it broke a couple of important supports near $0.5880 and $0.5740. There was a clear break below the 50% Fib retracement level of the key upward move from the $0.4548 swing low to $0.6919 high.

More importantly, there was a break below yesterday’s highlighted crucial contracting triangle with support at $0.5880 on the 4-hours chart of the XRP/USD pair. The price is now trading well below the $0.5740 zone and the 100 simple moving average (4-hours).

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

It is testing the $0.5450 support level. It is close to the 61.8% Fib retracement level of the key upward move from the $0.4548 swing low to $0.6919 high.

If there is a clear break below the $0.5450 support level, the price could continue to move down. The next major support is near the $0.5000 level, below which the bears might aim a test of the $0.4500 support.

Upsides Limited in XRP?

If ripple starts a corrective increase above $0.5600, it could face hurdles. The first major resistance is near the $0.5740 level (the recent breakdown zone).

The next major resistance is near the $0.6000 level or the 100 simple moving average (4-hours). As long as the price is below the $0.5740 resistance, it remains at a risk of more losses in the near term.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 40 level.

Major Support Levels – $0.5450, $0.5200 and $0.5000.

Major Resistance Levels – $0.5740, $0.5880 and $0.6000.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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