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

Ripple (XRP) Takes A Bit Hit But Here Is Why It Could Correct In Short-Term

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:42 pm
2 mins read
Ripple (XRP)

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Ripple failed to stay above the $0.2740 support and extended its decline against the US Dollar. XRP price is currently testing the key $0.2650 support and it could correct higher

  • Ripple price is down 3% and it traded below the $0.2740 support against the US dollar.
  • The bulls are currently protecting the $0.2650 support area.
  • There is a short term ascending channel forming with resistance near $0.2720 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could correct higher in the short term towards $0.2710 or $0.2740.

Ripple Price Testing Key Support

After ripple failed to clear the $0.2850 resistance, it started a fresh decline. XRP price traded below many supports, including $0.2800, $0.2740, and the 100 hourly simple moving average.

During the decline, there was a break below a key bullish trend line at $0.2765 and a bearish continuation pattern with support near $0.2720 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

It opened the doors for more losses and the price traded close to the $0.2650 support area. A swing low is formed near $0.2638 and the price is currently consolidating losses. Ripple is trading near the 23.6% Fib retracement level of the recent decline from the $0.2852 high to $0.2638 low.

On the upside, there are a few key hurdles waiting near the $0.2710 level. The next key resistance on the upside is near the $0.2740 level (the previous support) and the 100 hourly simple moving average.

Besides, the 50% Fib retracement level of the recent decline from the $0.2852 high to $0.2638 low is also near the $0.2745 level to act as a resistance.

On the downside, there is a major support forming near the $0.2650 area. As long as the price is trading above $0.2650, there are chances of a short term correction. However, the bulls are likely to struggle near the $0.2740 level and the 100 hourly SMA.

More Losses?

If ripple fails to correct above the $0.2710 and $0.2740 resistance levels, it could extend its decline. The main support is near the $0.2650 level.

A successful close below the $0.2650 level might start a strong slide in the near term. The next target for the bears below $0.2650 and $0.2620 could be $0.2500.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher, but it is well below the 50 level.

Major Support Levels – $0.2650, $0.2620 and $0.2500.

Major Resistance Levels – $0.2710, $0.2740 and $0.2850.

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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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