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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Ripple Price Technical Analysis – XRP/USD To Break $0.5200?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:36 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price formed a key bottom near the $0.4588 and moved higher against the US dollar.
  • There is a major bullish trend line forming with support at $0.5000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may continue to move higher and it could even break the $0.5200 level in the near term.

Ripple price is showing positive signs against the US Dollar and Bitcoin. XRP/USD is currently above $0.5000 and it looks set to break the $0.5200 level.

Ripple Price Support

After a major decline, there was a strong buying interest above the $0.4500 level in Ripple price against the US Dollar. The price formed a key bottom near the $0.4588 and started an upward move. It broke the $0.4800 and $0.5000 resistance levels to set the pace for more gains. During the upside, there was a break above the 38.2% Fib retracement level of the last decline from the $0.5538 high to $0.4588 low.

At the moment, the price is trading well above the $0.5000 level and the 100 hourly simple moving average. However, it is struggling to break the 50% Fib retracement level of the last decline from the $0.5538 high to $0.4588 low at $0.5060-80. A break above the $0.5080 could open the doors for a test of $0.5200. If buyers remain in action, there is even a possibility of a break above the $5200 level. The next hurdle above $0.5200 could be the 76.4% Fib retracement level of the last decline from the $0.5538 high to $0.4588 low.

Ripple Price Technical Analysis XRP USD

On the downside, there is a major bullish trend line forming with support at $0.5000 on the hourly chart of the XRP/USD pair. Therefore, any dips toward the $0.5000 level remains supported.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.

Major Support Level – $0.5000

Major Resistance Level – $0.5200

 

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 3

  1. Momay Rattanapron says:
    8 years ago

    OK. Stop please.

    Reply
    • Stuart H says:
      8 years ago

      No please go.

      Reply
  2. TimeforaCulling says:
    8 years ago

    XRP is awesome, so much good news! = price goes down. lol

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 3

  1. Momay Rattanapron says:
    8 years ago

    OK. Stop please.

    Reply
    • Stuart H says:
      8 years ago

      No please go.

      Reply
  2. TimeforaCulling says:
    8 years ago

    XRP is awesome, so much good news! = price goes down. lol

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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