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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Ripple Price Analysis: XRP/USD Buyers Facing Crucial Resistance

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

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Key Highlights

  • Ripple price declined and revisited the $0.3380 support area against the US dollar.
  • Yesterday’s highlighted important bearish trend line is in place with resistance at $0.3500 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must stay above the $0.3380 and $0.3360 support levels to bounce back in the near term.

Ripple price is under pressure against the US Dollar and Bitcoin. XRP/USD needs to surpass $0.3500 and $0.3540 to gain bullish momentum.

Ripple Price Analysis

During the past few sessions, there were bearish moves below $0.3650 in ripple price against the US Dollar. The XRP/USD pair traded lower below $0.3500 and settled below the 100 hourly simple moving average. There were a couple of correction waves, but upsides were capped by $0.3650 and $0.3510. The last rejection was near the $0.3500-0.3510 zone before the price traded below $0.3400.

The price tested the $0.3360-0.3380 support area where buyers emerged. A fresh low was formed at $0.3341 and the price is currently consolidating. The first hurdle is yesterday’s highlighted important bearish trend line is in place with resistance at $0.3500 on the hourly chart of the XRP/USD pair. Above the trend line, the 50% Fib retracement level of the last drop from the $0.3750 high to $0.3341 low may stop upsides. However, the main resistance is near $0.3580 and the 100 hourly SMA. It coincides with the 61.8% Fib retracement level of the last drop from the $0.3750 high to $0.3341 low.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price seems to be following a bearish path below $0.3600 and $0.3580. On the downside, if there is a break below the $0.3380 and $0.3360 supports, there could be more losses. The next key support is near $0.3180 where buyers could emerge.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is about to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 40 level.

Major Support Level – $0.3380

Major Resistance Level – $0.3580

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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

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