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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions
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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Ripple (XRP) Defies Gravity: Main Reasons $0.25 or $0.26 Are Likely Targets

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:48 pm
2 mins read
Ripple XRP

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Ripple extended its rally above the $0.2200 resistance against the US Dollar. XRP price is showing many positive signs and it could continue to rise towards $0.2500 or $0.2600.

  • Ripple price is up close to 10% and it climbed above the $0.2300 level against the US dollar.
  • It tested the $0.2350 resistance and currently consolidating gains.
  • There is a key bullish trend line forming with support near $0.2280 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains in a nice uptrend and it could continue to rise towards the $0.2500 resistance level.

Ripple Price Breaks Key Hurdle

This week, there was a strong uptrend in ripple above the $0.2000 resistance. Yesterday’s XRP price fueled bitcoin and it rallied more than 15% to test the $9,000 resistance level today.

XRP price is following a nice uptrend and it recently surged above the $0.2200 and $0.2300 resistance levels. The bulls even pushed the price towards the $0.2350 resistance, with a strong close above the 100 hourly simple moving average.

A new monthly high is formed near $0.2356 and the price is currently consolidating gains. An initial support is near the $0.2285 level. It is close to the 23.6% Fib retracement level of the recent surge from the $0.2051 swing low to $0.2356 high.

Moreover, there is a key bullish trend line forming with support near $0.2280 on the hourly chart of the XRP/USD pair. If ripple fails to stay above the $0.2280 support level, there could be an extended decline.

Ripple Price
Ripple Price

The next major support is seen near the $0.2200 level or the 50% Fib retracement level of the recent surge from the $0.2051 swing low to $0.2356 high. Any further losses could lead the price towards the $0.2120 support or even 100 hourly simple moving average.

More Upsides?

Ripple is clearly trading in a strong uptrend above the $0.2280 support area. On the upside, an initial resistance is near the $0.2350 level.

If there is a clear break above the $0.2350 resistance and the $0.2356 high, the price could continue to rise towards the $0.2500 resistance. The next major hurdle above $0.2500 is near the $0.2600 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly reducing its current bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower from the 80 level.

Major Support Levels – $0.2280, $0.2200 and $0.2120.

Major Resistance Levels – $0.2350, $0.2420 and $0.2500.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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
How Our News is Made

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