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Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings

Ripple Price Analysis: XRP Trading Sideways Below Key Resistance

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:33 pm
2 mins read
Ripple Price Analysis techanalysis XRP

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  • Ripple price corrected lower and tested the $0.3130 support area against the US dollar.
  • There was a break above a key declining channel with resistance at $0.3145 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently trading in a range below the key resistance levels at $0.3200 and $0.3220.

Ripple price remains supported on dips against the US Dollar and Bitcoin. However, XRP/USD must break the $0.3200 and $0.3220 resistance levels to gain bullish momentum.

Ripple Price Analysis

Yesterday, we saw yet another rejection near the $0.3220 resistance in ripple price against the US Dollar. The XRP/USD pair traded as high as $0.3230 and later started a downside correction. It moved below the $0.3200 level and the 100 hourly simple moving average. However, the decline was protected by the $0.3130 and $0.3120 support levels. Besides, the 61.8% Fib retracement level of the last leg from the $0.3046 low to $0.3230 high acted as a support. The price started a fresh upward move and traded above the $0.3140 level.

Buyers pushed the price above a key declining channel with resistance at $0.3145 on the hourly chart of the XRP/USD pair. Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $0.3230 high to $0.3123 low. The current price action is slightly bearish since ripple is facing hurdles near the $0.3175 level and the 100 hourly SMA. Additionally, the 50% Fib retracement level of the recent decline from the $0.3230 high to $0.3123 low is acting as a resistance. If there is an upside break above $0.3175, the price could test $0.3200 and $0.3220.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price seems to be trading in a tight range above the $0.3120 support level. If it fails to move past $0.3200, there is a risk of a downside break below the $0.3110 and $0.3080 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone, with no positive signs.

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

Major Support Level – $0.3120

Major Resistance Level – $0.3220

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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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