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

XRP Price Consolidates Below $0.530: What Could Trigger More Losses?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple (XRP)

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XRP price is consolidating losses above the $0.500 support. The price could extend losses if it fails to recover above the $0.530 resistance zone.

  • XRP extended losses and traded below the $0.530 support.
  • The price is now trading below $0.5250 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance at $0.5150 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another increase if the bulls push the price above $0.530.

XRP Price Stable Above $0.50

Recently, XRP price extended losses and traded below the $0.5250 support, like Bitcoin and Ethereum. There was a move toward the $0.5080 support. A low was formed at $0.5087 and the price is now consolidating losses.

There was a minor increase above the $0.5120 resistance. Besides, there was a break above a connecting bearish trend line with resistance at $0.5150 on the hourly chart of the XRP/USD pair. However, the pair is still trading below $0.5250 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $0.5250 level. It is near the 23.6% Fib retracement level of the downward move from the $0.5699 swing high to the $0.5087 low. The first key resistance is near $0.530 and the 100-hourly Simple Moving Average.

XRP Price

Source: XRPUSD on TradingView.com

A close above the $0.530 resistance zone could spark a strong increase. The next key resistance is near $0.5465. If the bulls remain in action above the $0.5465 resistance level, there could be a rally toward the $0.580 resistance. Any more gains might send the price toward the $0.600 resistance.

More Losses?

If XRP fails to clear the $0.530 resistance zone, it could start another decline. Initial support on the downside is near the $0.5150 level.

The next major support is at $0.5080. If there is a downside break and a close below the $0.5080 level, the price might accelerate lower. In the stated case, the price could retest the $0.4840 support zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

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

Major Support Levels – $0.5150 and $0.5080.

Major Resistance Levels – $0.5250 and $0.530.

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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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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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