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

Charted: Ripple (XRP) Tumbles 25%, Why 100-day SMA Holds The Key

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

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Ripple started a major decline below the $0.4200 and $0.4000 support levels against the US Dollar. XRP price is gaining momentum, but approaching the key 100-day simple moving average and $0.3200.

  • Ripple started a strong decline from well above $0.5000 against the US dollar after SEC’s threat.
  • The price is now trading well below $0.4000, and approaching the 100-day simple moving average.
  • There was a break below a major declining channel with support near $0.4000 on the daily chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to find a strong buying interest near the $0.3250 and $0.3150 levels.

Ripple’s XRP Price is Down 25%

After SEC’s threat, ripple’s XRP price started a strong decline from well above the $0.5000 level. The price is down over 25% and it broke many supports such as $0.4500 and $0.4000.

The price even settled below $0.4000 to move further into a bearish zone. There was a break below the 50% Fib retracement level of the main upward move from the $0.2270 swing low to $0.7853 high. Moreover, there was a break below a major declining channel with support near $0.4000 on the daily chart of the XRP/USD pair.

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

XRP price is now trading well below the $0.3800 level. It is now approaching the $0.3400 support zone and the 100-day simple moving average.

The 76.4% Fib retracement level of the main upward move from the $0.2270 swing low to $0.7853 high is also near the $0.3580 level. The next major support is near the $0.3250 level, followed by $0.3000.

A close below the $0.3000 support zone could easily drift the market towards the $0.2650 and $0.2500 support levels in the coming days.

Upsides Capped in XRP?

If ripple starts a recovery wave, it could face a lot of hurdles, starting with the broken channel trend line at $0.3850. The first major resistance for the bulls is near the $0.4000 level.

The main resistance is now forming near the $0.4450 level. A close above the $0.4000 and $0.4500 levels could pull the price out of the bearish zone. If not, it is likely to extend losses below $0.3500.

Technical Indicators

Daily MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.

Daily RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.

Major Support Levels – $0.3250, $0.3000 and $0.2500.

Major Resistance Levels – $0.3850, $0.4000 and $0.4500.

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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
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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