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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ripple Price Technical Analysis – XRP/USD Uptrend Intact

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:24 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price is moving higher once again and is currently above the $0.7500 support against the US Dollar.
  • This is a short-term ascending channel forming with support at $0.7700 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might continue to move higher and it could even break $0.8400 for more gains.

Ripple price is gaining pace against the US Dollar and Bitcoin. XRP/USD might continue to gain pace above the $0.9000 level in the near term.

Ripple Price Trend

It seems like Ripple price has completed a correction wave at $0.7000 against the US Dollar. The price has started a fresh upside wave and moved above the $0.7250 resistance. Buyers also succeeded in pushing the price above the 50% Fib retracement level of the last drop from the $0.9000 high to $0.6105 low. More importantly, the price is above the $0.7500 level and the 100 hourly simple moving average.

It recently traded as high as $0.8398 and is currently correcting lower. It seems like there is a short-term ascending channel forming with support at $0.7700 on the hourly chart of the XRP/USD pair. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $0.6005 low to $0.8398 high. However, there are many supports on the downside such as $0.7700. The mentioned $0.7700 support also coincides with the 38.2% Fib retracement level of the last wave from the $0.6005 low to $0.8398 high.

Ripple Price Technical Analysis XRP USD

A break above the channel resistance at $0.8400 is required for buyers to gain further momentum. Above $0.8400, the price could trade back towards the $0.9000 high in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading higher towards the 70 level.

Major Support Level – $0.7700

Major Resistance Level – $0.8400

 

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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