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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Ripple Price Analysis: XRP Remains Sell On Rallies Towards $0.30

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:13 pm
2 mins read
technical analysis ripple

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  • Ripple price extended losses and tested the $0.2840-0.2850 support area against the US dollar.
  • There is a major bearish trend line in place with resistance near $0.2920 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently correcting higher, but it is likely to face sellers near $0.2920, $0.2960 and $0.3000.

Ripple price is consolidating with corrective moves against the US Dollar and Bitcoin. XRP/USD could resume its decline once the current correction is complete near $0.2920-0.2950.

Ripple Price Analysis

Yesterday, there was a sharp decline below the $0.3000 support in ripple against the US Dollar. The XRP/USD pair remained in a bearish zone and later broke the $0.2920 and $0.2900 support levels. It tested the $0.2840-0.2850 support area and finally started a short term upside correction. The price is currently trading near the 23.6% Fib retracement level of the last decline from the $0.2987 high to $0.2851 low. However, there are many resistances on the upside near the $0.2920, $0.2960 and $0.3000 levels.

Besides, there is a major bearish trend line in place with resistance near $0.2920 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the last decline from the $0.2987 high to $0.2851 low. If there is a break above the trend line, the next resistance is near the $0.2940 and the 100 hourly simple moving average. To start a solid recovery, the price must break the $0.2950 and $0.3000 resistance levels. If not, the price remains at a risk of more losses below $0.2880 and $0.2850. The next key support below $0.2850 is at $0.2820, followed by $0.2800.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading well below the $0.2950 resistance and the 100 hourly SMA. Therefore, it remains in a bearish zone and any recovery from the current levels could face sellers near $0.2950.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently in the bullish zone, but it could move back in the bearish zone.

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

Major Support Level – $0.2850

Major Resistance Level – $0.2950

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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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Created by industry experts and meticulously reviewed
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