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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week

Ripple Price Analysis: XRP/USD Turns Bullish Above $0.4540

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis xrp

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Key Highlights

  • Ripple price traded higher recently and broke the $0.4540 resistance against the US dollar.
  • There was a break above a major contracting triangle with resistance at $0.4560 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently trading in a bullish zone above the $0.4540 and $0.4550 support levels.

Ripple price gained traction recently against the US Dollar and Bitcoin. XRP/USD may continue to trade higher as long as it is above $0.4540 and the 100 hourly SMA.

Ripple Price Analysis

After a downside correction from the $0.4740 high, ripple price found support near $0.4450 against the US Dollar. The XRP/USD pair traded as low as $0.4478 and later started a consolidating. A support base was formed near $0.4490 and later the price started an upward move. It traded above the $0.4500 level and the 100 hourly simple moving average. Besides, there was a break above the 23.6% Fib retracement level of the last decline from the $0.4741 high to $0.4487 low.

More importantly, there was a break above a major contracting triangle with resistance at $0.4560 on the hourly chart of the XRP/USD pair. It opened the doors for more gains and the price traded towards the $0.4600 level. However, the price faced sellers near $0.4600 and the 50% Fib retracement level of the last decline from the $0.4741 high to $0.4487 low. The price is currently correcting lower towards the previous resistance at $0.4540 and the 100 hourly SMA.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading in a positive zone above the $0.4540 and $0.4550 support levels. As long as the $0.4540 support is intact, there are chances of an upward move above the $0.4600 level in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $0.4540

Major Resistance Level – $0.4600

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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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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

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