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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6
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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

Ripple Price Technical Analysis – XRP/USD Declines Below $0.8500

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 fell sharply and declined below the $0.8500 and $0.8200 support levels against the US dollar.
  • There is a major bearish trend line forming with resistance near $0.8600 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains in a bearish zone and it may decline further towards $0.7800 in the near term.

Ripple price fell sharply against the US Dollar and Bitcoin. XRP/USD is now well below $0.8500 and it looks set for more losses in the short term.

Ripple Price Decline

There was a sharp downside reaction from the $0.9200 swing high in Ripple price against the US Dollar. The price declined and broke a major support area near $0.8500. It ignited further declines and the price even traded below the $0.8000 level before recovering. It is now trading well below the $0.9000 resistance and the 100 hourly simple moving average.

Recently, the price traded as low as $0.7877 before it recovered. It moved above the 50% Fib retracement level of the last drop from the $0.9236 high to $0.7877 low. However, the upside move was protected by the $0.8870 level. Moreover, there was close above the 61.8% Fib retracement level of the last drop from the $0.9236 high to $0.7877 low. It seems like the price failed to move above the maintain gains above the $0.8600 level. On the upside, there is a major bearish trend line forming with resistance near $0.8600 on the hourly chart of the XRP/USD pair.

Ripple Price Technical Analysis XRP USD

Therefore, a major recovery above $0.8600 won’t be easy. On the downside, the $0.8000 level is a decent support. Below the mentioned $0.8000, the price may retest the $0.7800 level in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently recovering from the 30 level.

Major Support Level – $0.8000

Major Resistance Level – $0.8600

 

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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Comments 1

  1. p78 says:
    8 years ago

    0.7291 is the next support from where it currently is. if it breaks that then 0.57 is next. Currently 0.80641

    Reply

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Comments 1

  1. p78 says:
    8 years ago

    0.7291 is the next support from where it currently is. if it breaks that then 0.57 is next. Currently 0.80641

    Reply

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Reason to trust

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Created by industry experts and meticulously reviewed
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