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Market Analyst: Follow Carefully! Ripple Price Plays To These Levels

Ripple price is trying to clear the $ 0.5800 resistance against the US Dollar. 

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Market Analyst: Follow Carefully! Ripple Price Plays To These Levels

Ripple price is trying to clear the $ 0.5800 resistance against the US Dollar. Ripple price is showing bearish signs and may slide below $ 0.5420, according to renowned analyst Aayush Jindal.

  • Ripple price jumped just above the $ 0.6000 level before taking a fresh dip against the US dollar.
  • The price is currently trading well below the $ 0.5680 support and the 100 hourly simple moving average.
  • There is a key bearish trend line with resistance around $ 0.5800 on the hourly chart of the XRP / USD pair (data source from Kraken).
  • If there is a clear break below $ 0.5500 and $ 0.5420, the pair is likely to continue to decline.

Analyst: Ripple price shows bearish signs and could slide below $ 0.5420

There have been bearish movements in Bitcoin, Ripple and Ethereum in the past 2-3 sessions. Ripple price rose close to $ 0.6059 before starting a new decline. There was a clear break below the $ 0.5800 and $ 0.5750 support levels. There is a key bearish trend line with resistance near $ 0.5800 on the hourly chart of the XRP / USD pair. 

Ripple Price Charts
Ripple Price Charts

The pair even traded below the $ 0.5650 support and settled well below the 100 hourly simple moving average. XRP slid below the 50% Fib retracement level of the bullish move. The downside emergency support is near the $ 0.550 level, according to the analyst. The first key support is near the $ 0.5420 level, according to the analyst. This level is near the 61.8% Fib retracement level of the move from the $ 0.5024 low to $ 0.6059.

Here are the critical levels that Ripple price can see in the short term.

A successful close below the $ 0.5500 and $ 0.5420 support levels could initiate a new low in the coming sessions. In the stated situation, according to the analyst, XRP is at risk of falling to the $ 0.5200 support or even to $ 0.5100. XRP below the $ 0.5420 support could initiate a decent uptrend if there is no downside break. 

Breanne Madigan, Ripple's head of global institutional markets, makes critical predictions for crypto markets, Bitcoin and XRP.
Ripple

An initial upside resistance is near the $ 0.5650 level, according to the analyst. The first major resistance is near the $ 0.5720 level, according to the analyst. The main resistance is the bearish trend line forming near the $ 0.5800 and the 100 hourly simple moving average. A close above the $ 0.5800 level could initiate a strong increase towards the $ 0.6000 and $ 0.6120 levels in the near term.

Current view of Ripple price with technical indicators

Hourly MACD: The MACD for XRP / USD is gaining momentum in the bearish zone.

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

Major Support Levels: $ 0.5500, $ 0.5420 and $ 0.5200.

Major Resistance Levels: $ 0.5650, $ 0.5700 and $ 0.5800.

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