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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Ripple Price Technical Analysis – XRP/USD is Approaching Break

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:23 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price is holding the $0.8200 support area and is currently approaching a break against the US dollar.
  • There is a major contracting triangle forming with resistance at $0.8550 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • A break and close above $0.8500 and $0.8600 could open the doors for more gains.

Ripple price is slowly stabilizing against the US Dollar and Bitcoin. XRP/USD must break the $0.8600 resistance to gain upside momentum in the near term.

Ripple Price Resistance

There was a downside move below $0.9000 in Ripple price this past week against the US Dollar. The price traded below the $0.8500 support level and tested the $0.8000 low. Later, it started consolidating in a range and an intermediate low was formed at $0.8195. An upside move was initiated and the price moved above the 23.6% Fib retracement level of the last drop from the $0.9322 high to $0.8195 low.

The range pattern is contracting and it seems like the pair is approaching a break with support at $0.8200. There is also a major contracting triangle forming with resistance at $0.8550 on the hourly chart of the XRP/USD pair. The triangle resistance is near the 38.2% Fib retracement level of the last drop from the $0.9322 high to $0.8195 low. Moreover, the 100 hourly simple moving average is positioned near the $0.8620 level. It means there is a major resistance forming near $0.8600-0.8620. Once there is a close above the stated $0.8620 level, there could be more gains in the near term.

Ripple Price Technical Analysis XRP USD

On the downside, the price must stay above the $0.8200 level. If there is a close below the $0.8200 level, there can be a downside push towards $0.8000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is about to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to remain above the 50 level.

Major Support Level – $0.8200

Major Resistance Level – $0.8600

 

Charts courtesy – SimpleFX

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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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  1. TimeforaCulling says:
    8 years ago

    Partnering with Google Pay will reverse this.

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  1. TimeforaCulling says:
    8 years ago

    Partnering with Google Pay will reverse this.

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