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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 Could Test $0.50?

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 under a lot of pressure as it moved below the $0.7000 support against the US dollar.
  • This week’s highlighted monster contracting triangle pattern with support near $0.7500 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently trading above the $0.6000 level, but it remains at a risk of more losses.

Ripple price fell sharply against the US Dollar and Bitcoin. XRP/USD could extend declines in the near term as long as it is below the $0.7000 level.

Ripple Price Resistance

Buyers failed to initiate an upside move above $0.8200 in Ripple price against the US Dollar. As a result, there was a downside move and the price dropped below a major support at $0.7700. More importantly, this week’s highlighted monster contracting triangle pattern with support near $0.7500 was broken on the hourly chart of the XRP/USD pair.

The price even broke the last swing low of $0.7400 and the $0.7000 support. It is now trading well below the $0.7000 level and the 100 hourly simple moving average. The recent low formed was $0.6246 and it seems like the price may extend the current decline. An initial hurdle on the upside is around the 23.6% Fib retracement level of the last decline from the $0.7900 high to $0.6246 low. However, the most important resistance is near $0.7000, which was a support earlier. The same level is also the 50% Fib retracement level of the last decline from the $0.7900 high to $0.6246 low.

Ripple Price Technical Analysis XRP USD

On the downside, the recent low of $0.6246 could be breached for a test of $0.6000. Below $0.6000, there are chances of XRP price moving towards the $0.5000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is consolidating near the oversold levels.

Major Support Level – $0.6000

Major Resistance Level – $0.7000

 

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.

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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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