Ripple Price Analysis: XRP/USD Remains In Major Uptrend

Aayush Jindal

Last Updated: June 11, 2024 1:38 pm

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Key Highlights

Ripple price surged higher and settled above the 0.5000 resistance against the US dollar.
There is a short-term connecting bearish trend line in place with resistance at 0.6000 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair may break the $0.6000 level in the near term to test the 0.6800 zone.

Ripple price is placed in a positive zone against the US Dollar and Bitcoin. XRP/USD needs to clear $0.6000 and $0.6800 to accelerate gains.

Ripple Price Analysis

This past week, we saw a nasty upward move from the $0.3500 low in Ripple price against the US Dollar. The XRP/USD pair even surpassed the $0.5200 target and traded towards the $0.8000 level. A new monthly high was formed at $0.7972 before the price started a downside correction. The price declined and traded towards the $0.5000 support. A low was formed at $0.4912 and later the price started consolidating losses.

It corrected higher and traded above the $0.5500 level. There was also a break above the 23.6% fib retracement level of the last decline from the $0.7972 high to $0.4912 low. However, the upside move faced sellers near the $0.6000 and $0.6200 levels. There is also a short-term connecting bearish trend line in place with resistance at 0.6000 on the hourly chart of the XRP/USD pair. A break above the trend line could push the price towards 0.6440. It represents the 50% fib retracement level of the last decline from the $0.7972 high to $0.4912 low. On the downside, the $0.5000 level is a decent support along with the 100 hourly simple moving average.

Looking at the chart, ripple price could break the $0.6000 resistance in the short term. However, a push above the $0.6800 is needed for a retest of the $0.7950-0.8000 zone.

Looking at the technical indicators:

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

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

Major Support Level – $0.5000

Major Resistance Level – $0.6000

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.

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.