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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Ripple Price (XRP) Hesitates But Further Gains Seem Likely

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:30 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price corrected lower recently and tested the $0.2450 support area against the US dollar.
  • The price is currently climbing higher and is trading nicely above the $0.2500 level.
  • There is a key bullish trend line forming with support near $0.2480 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely to continue higher and it might soon test the $0.2620 or $0.2650 resistance area.

Ripple price is slowly rebounding above $0.2500 against the US Dollar, while bitcoin is consolidating. XRP price is likely to retest the recent resistance area near $0.2620.

Ripple Price Analysis

After struggling to break the $0.2620 resistance, ripple price started a downside correction against the US Dollar. The XRP/USD pair topped near the $0.2618 level and declined below the $0.2600 and $0.2550 support levels. Moreover, the price traded below the $0.2500 support level. It even broke the 50% Fib retracement level of the upward wave from the $0.2350 low to $0.2618 high.

Finally, the price spiked below the $0.2480 level and the 100 hourly simple moving average. However, the $0.2450 support area acted as a strong buy zone. It seems like the 61.8% Fib retracement level of the upward wave from the $0.2350 low to $0.2618 high prevented additional losses. A support base was formed near $0.2450 and recently the price recovered above $0.2500.

The price surpassed a connecting bearish trend line with resistance near $0.2525 on the hourly chart of the XRP/USD pair. The current price action is positive, suggesting a solid upward move towards the $0.2620 resistance area. The next key resistance is near the $0.2650 level, above which the price could continue to rise towards the $0.2850 and $0.3000 resistance levels.

On the downside, there is a decent support forming near the $0.2480 and $0.2450 levels. Moreover, there is a key bullish trend line forming with support near $0.2480 on the same chart. If there is a downside break below the $0.2450 support and the 100 hourly SMA, the price could resume its decline. The next key support is near the $0.2350 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is showing positive signs above the $0.2480 and $0.2450 support levels. An immediate resistance is near the $0.2550 level. However, the bulls must clear the $0.2620 resistance area to push the price further higher. Conversely, a break below the $0.2450 support might call for a test of $0.2350.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.

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

Major Support Levels – $0.2480, $0.2450 and $0.2350.

Major Resistance Levels – $0.2550, $0.2600 and $0.2620.

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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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