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

Ripple (XRP) Trading Near Make-or-Break Levels: Can Bulls Save the Day?

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

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Ripple is trading in a broad range above the $0.2100 support against the US Dollar. XRP declined below a key support versus bitcoin and it is now at a risk of a sharp decline vs USD.

  • Ripple is facing hurdles near the $0.2200 and $0.2220 resistance levels against the US dollar.
  • It seems like the price is preparing for a major break either above $0.2250 or below $0.2100.
  • There is a short term rising channel forming with support near $0.2160 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could decline heavily below the $0.2150 and $0.2100 support levels.

Ripple Price Remains At Risk

Bitcoin price started a strong rise above $9,500 and climbed towards $10,000, but ripple failed to follow through. As a result, XRP to BTC broke a couple of key supports levels, increasing pressure on XRP/USD.

The recent swing high was formed near $0.2225 before the price started a downside correction. There was a break below the $0.2200 support level. The price is now trading below the 23.6% Fib retracement level of the upward move from the $0.2110 low to $0.2225 high.

It seems like there is a short term rising channel forming with support near $0.2160 on the hourly chart of the XRP/USD pair. The channel support is close to the 50% Fib retracement level of the upward move from the $0.2110 low to $0.2225 high.

Ripple Price
Ripple Price

The 100 hourly simple moving average is also acting as a strong support near $0.2160. If ripple fails to stay above the $0.2160 and $0.2150 support levels, it could continue to move down towards the $0.2100 support.

Any further losses might risk a strong decline towards the $0.2000 and $0.1980 support levels in the coming sessions.

Chances of Upside Break

If ripple starts a strong increase from $0.2160 and breaks the $0.2220 resistance, it could continue to rise. The next key resistance on the upside is near the $0.2265 level.

A successful close above the $0.2265 level is needed for a push towards the $0.2350 level. Any further gains could open the doors for a larger rally towards the $0.2400 and $0.2500 levels.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.

Major Support Levels – $0.2150, $0.2100 and $0.2080.

Major Resistance Levels – $0.2200, $0.2220 and $0.2350.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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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Created by industry experts and meticulously reviewed
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