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

Ripple (XRP) Price Skyrockets: More Gains Above $0.50, $0.52 Likely

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:15 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price extended its rally above the $0.4500 and $0.4700 resistances against the US dollar.
  • The price tested the $0.4800 area and it looks set to extend gains above $0.5000.
  • Yesterday’s highlighted important ascending channel is intact with support near $0.4390 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • There were sharp gains in Ethereum above $250 and $260, opening the doors for $300.

Ripple price started a significant upward move against the US Dollar and bitcoin. XRP broke $0.4750 and it looks set to surpass $0.5000 or even $0.5200 in the near term.

Ripple Price Analysis

In the past few sessions, ripple price gained a strong bullish momentum above the $0.4200 resistance against the US Dollar. The XRP/USD pair surged above the $0.4400 and $0.4500 resistance levels to register more than 15% gains. The upward move was such that the price even broke the $0.4750 resistance and the price is now trading well above the 100 hourly simple moving average. A swing high is formed at $0.4802 and the price remains elevated above the $0.4700 level.

An initial support is near the $0.4670 level. It coincides with the 23.6% Fib retracement level of the recent wave from the $0.4262 low to $0.4802 high. If there is a downside extension, the price could test the $0.4540 or $0.4520 support levels. The 50% Fib retracement level of the recent wave from the $0.4262 low to $0.4802 high is also near $0.4532 to act as a strong support for the bulls. More importantly, yesterday’s highlighted important ascending channel is intact with support near $0.4390 on the hourly chart of the XRP/USD pair.

Therefore, dips remains well supported near $0.4540 and $0.4400 in the near term. On the upside, a break above the channel resistance and $0.4810 is likely to set the pace for more gains. An immediate resistance could be $0.4920, above which the price is likely to test the main $0.5000 barrier. Any further gains may perhaps clear the path for a push towards the $0.5200 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is following a strong uptrend above the $0.4400 and $0.4500 support. It seems like the price is readying for the next leg above the $0.4850 and $0.4920. If there is a downside correction, the bulls are likely to buy aggressively near the $0.4540 and $0.4520 support levels.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone, with strong positive signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 70 level and it is likely climbing towards 80.

Major Support Levels – $0.4540, $0.4520 and $0.4400.

Major Resistance Levels – $0.4810, $0.4920 and $0.5000.

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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
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