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Ripple Price Technical Analysis – XRP/USD Consolidating Above $0.4700

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price remained in a tiny range and managed to hold the $0.4700 support against the US dollar.
  • There is a short-term connecting bullish trend line forming with support at $0.4800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair has to move above the $0.5000 resistance level to gain upside momentum in the near term.

Ripple price is under a lot of pressure against the US Dollar and Bitcoin. XRP/USD must stay above the $0.4700 support to avoid any further losses in the near term.

Ripple Price Range

There was no recovery during the past few sessions above $0.5000 in Ripple price against the US Dollar. There were mostly bearish moves below the $0.5000 resistance and the 100 hourly simple moving average. On the positive note, the price managed to hold a major support area near $0.4700. At the moment, the price is consolidating losses above the $0.4800 and $0.4700 support levels.

The recent low was formed at $0.4754 before the price started trading in a range. It moved slightly higher and tested the 23.6% Fib retracement level of the last drop from the $0.5540 high to $0.4754 low. However, the most important barrier for a recovery sits near the $0.5000 resistance and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last drop from the $0.5540 high to $0.4754 low is at $0.5050. Therefore, the price may perhaps face a strong resistance near the $0.5000-0.5050 area.

Ripple Price Technical Analysis XRP USD

On the downside, there is a short-term connecting bullish trend line forming with support at $0.4800 on the hourly chart of the XRP/USD pair. The pair must stay above the $0.4700 and $0.4800 support levels to avoid further downsides in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is flat near the 45 level.

Major Support Level – $0.4700

Major Resistance Level – $0.5000

 

Charts courtesy – Trading View

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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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