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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 (XRP) Plunge To $0.20 On The Horizon As Bulls Show Weak Hands

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

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Ripple failed to stay above the $0.2200 support and declined recently against the US Dollar. XRP price is showing bearish signs and it could continue to dive towards $0.2000.

  • Ripple price topped near the $0.2269 level and declined recently against the US dollar.
  • It is now trading well below the $0.2200 pivot level and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $0.2185 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue lower towards the $0.2000 support level in the near term.

Ripple Price Could Extend Losses

After a steady rise, ripple struggled to continue above the $0.2260 and $0.2280 levels. XRP formed a short term top near the $0.2269 level and recently started a strong decline.

There was a break below the key $0.2200 support and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support near $0.2185 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

The pair is now trading well below the 76.4% Fib retracement level of the upward move from the $0.2084 low to $0.2269 high. Ripple is now trading near the last swing low at $0.2085.

If the bears remain in action, there is a risk of more losses below $0.2080. An immediate support is seen near the $0.2040 level. The first key support is near the $0.2000 area.

The 1.618 Fib extension level of the upward move from the $0.2084 low to $0.2269 high is the next major support near the $0.1970 level. Any further losses could open the doors for a larger decline towards the $0.1920 and $0.1900 support levels.

Key Hurdles

Ripple is clearly trading in a short term bearish zone below the $0.2150 and $0.2100 levels. If the price attempts a recovery, it could face hurdles near the $0.2120 level.

The main resistance is near the $0.2200 level and the 100 hourly SMA, above which the price is likely to retest the $0.2265 pivot level in the coming sessions.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and it is well below the 35 level.

Major Support Levels – $0.2040, $0.2000 and $0.1970.

Major Resistance Levels – $0.2120, $0.2200 and $0.2220.

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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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