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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ripple Price (XRP) Testing Crucial Support Post Bitcoin’s Correction

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:45 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price declined again after it failed to clear the $0.4070 resistance zone against the US dollar.
  • The price is under a lot of pressure and it recently broke the $0.3950 support area.
  • There is a key declining channel forming with resistance near $0.3920 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could either break the $0.3840 support or bounce back above $0.3950 in the near term.

Ripple price failed to continue higher above against the US Dollar after bitcoin declined from $12,000. XRP price is currently at a risk of more losses below the $0.3840 support area.

Ripple Price Analysis

Recently, bitcoin price failed to clear the $12,000 resistance and declined below $11,500. It sparked bearish moves in ripple price as it failed to clear the $0.4070 level against the US Dollar. The XRP/USD pair topped near the $0.4065 level and started a fresh decline. It broke the $0.4020 and $0.4000 support levels. Moreover, there was a break below the $0.3950 support plus the 100 hourly simple moving average.

The decline was such that the price tested the main $0.3840 support area. The price is now trading just above the $0.3840 support and it could correct in the short term. An initial resistance is near the $0.3900 level and the 23.6% Fib retracement level of the recent decline from the $0.4065 high to $0.3837 low. Moreover, there is a key declining channel forming with resistance near $0.3920 on the hourly chart of the XRP/USD pair.

Above the channel resistance, the next key resistance is near the $0.3950 level. It coincides with the 50% Fib retracement level of the recent decline from the $0.4065 high to $0.3837 low. If there is an upside break above the $0.3950 resistance, there could be a fresh increase towards the $0.4070 level. Conversely, if ripple price fails to correct above $0.4920 or $0.4950, it could slide further.

The main supports are $0.3840 and $0.3820. If there is a downside break below $0.3820, the price could decline heavily. The next major support is near the $0.3750 level, below which there is a risk of more losses towards the $0.3720 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading just above a crucial support near $0.3840. If the bulls fail to defend more losses, there could be a sharp dip below $0.3800 in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining sharply and it is well below the 40 level.

Major Support Levels – $0.3840, $0.3820 and $0.3750.

Major Resistance Levels – $0.3920, $0.3950 and $0.4000.

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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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