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Ripple Price Technical Analysis 2017-12-20

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

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Key Highlights

  • Ripple price is trading in a range above the $0.6800 support area against the US Dollar.
  • This is a short-term bearish trend line forming with resistance at $0.7400 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might move higher in the near term, but it could face sellers near $0.7400 and the 100 hourly simple moving average.

Ripple price is consolidating against the US Dollar and Bitcoin. XRP/USD has to move above $0.7500 to gain traction in the near term.

Ripple Price Support

After a major upside move, Ripple price started a correction and moved below $0.7000 against the US Dollar. However, the price found support at $0.6800 and later started trading in a range. There were a couple of swing moves and the price recently retested the $0.6600-0.6800 support area. It is currently moving higher and it recently traded above the 23.6% Fib retracement level of the last decline from the $0.8405 high to $0.6777 low.

There are many minor resistances on the upside, including $0.7400 and $0.7500. There is also a short-term bearish trend line forming with resistance at $0.7400 on the hourly chart of the XRP/USD pair. Below the trend line at $0.7500, the 100 hourly simple moving average may also act as a strong resistance. Moreover, the 50% Fib retracement level of the last decline from the $0.8405 high to $0.6777 low is at $0.7600 to stop the upside move.

Ripple Price Technical Analysis XRP USD

Therefore, it seems like the $0.7400-0.7600 region is a good short-term resistance zone. XRP has to move above the $0.7600 level to move back in the bullish zone. Above $0.7600, the price could trade towards the $0.8400 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level, and is heading lower.

Major Support Level – $0.6800

Major Resistance Level – $0.7600

 

Charts courtesy – Trading View, Kraken

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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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