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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ripple Price Technical Analysis – Can XRP/USD Hold This?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price failed to move higher and declined below the $0.9000 support against the US dollar.
  • There is a connecting bearish trend line forming with resistance at $0.9100 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently at a risk of more declines below the $0.8800 and $0.8600 support levels.

Ripple price is struggling to gain upside momentum against the US Dollar and Bitcoin. XRP/USD is testing the $0.8800 support and it decline further in the near term.

Ripple Price Resistance

There was a minor upside move from the $0.8900 swing low in Ripple price against the US Dollar. The price traded higher, but it was not able to break the $0.9100 resistance. It also failed to near the 100 hourly simple moving average and declined below $0.9000. There was an hourly close below the $0.9000 support and the 100 SMA, which is a bearish sign.

The recent low was formed at $0.8749 and the price seems to be holding the $0.8800 support. An initial resistance on the upside is around the 23.6% Fib retracement level of the last decline from the $0.9596 high to $0.8749 low. There is also a connecting bearish trend line forming with resistance at $0.9100 on the hourly chart of the XRP/USD pair. Moreover, the trend line resistance is close to the 38.2% Fib retracement level of the last decline from the $0.9596 high to $0.8749 low. Therefore, if the price corrects higher, it may face sellers near the $0.9100 resistance level.

Ripple Price Technical Analysis XRP USD

On the downside, a break below the $0.8800 support could ignite more declines. The next major support is at $0.8400 followed by the $0.8200 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is mostly in the bearish zone with negative signs.

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

Major Support Level – $0.8800

Major Resistance Level – $0.9100

 

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.

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

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