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

Ripple Price Analysis: XRP Could Accelerate Losses Below 100 SMA

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis ripple

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  • Ripple price failed to retain gains and traded below the $0.3080 support against the US dollar.
  • There is a key connecting bearish trend line in place with resistance at $0.3065 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must stay above the $0.3000 support and the 100 hourly simple moving average to bounce back.

Ripple price is currently correcting gains against the US Dollar and Bitcoin. XRP/USD is at a risk of a sharp decline if it breaks the 100 hourly SMA and $0.3000.

Ripple Price Analysis

The recent uptrend in bitcoin and Ethereum helped ripple price is climbing above $0.3000 against the US Dollar. The XRP/USD pair broke the $0.3100 resistance level and traded towards the $0.3200 level. A high was formed at $0.3199 and later the price corrected lower. It moved below the $0.3150 support and 50% Fib retracement level of the last wave from the $0.2864 low to $0.3199 high. The price even broke the $0.3000 support once and tested the 100 hourly simple moving average.

At the moment, it seems like the 100 hourly simple moving average is acting as a strong support above $0.3000. The 61.8% Fib retracement level of the last wave from the $0.2864 low to $0.3199 high also acted as a support. However, there are many resistances on the upside near the $0.3050 and $0.3060 levels. Besides, there is a key connecting bearish trend line in place with resistance at $0.3065 on the hourly chart of the XRP/USD pair. The pair needs to break the $0.3060 resistance and the bearish trend line to gain bullish momentum. If not, there is a risk of a downside break below the $0.3000 support.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is finding a strong support near the 100 hourly SMA, below which it could tumble towards $0.2900. The next key supports are at $0.2920 and $0.2910, followed by $0.2850.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just near the 50 level, with bearish signs.

Major Support Level – $0.2920

Major Resistance Level – $0.3060

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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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