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Ripple (XRP) is Plunging, But It’s Too Early to Say Bulls Have Given Up

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:15 pm
2 mins read
Ripple (XRP)

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Ripple is declining and it broke the $0.2800 support zone against the US Dollar. XRP price is currently correcting higher, but upsides are likely to remain capped near $0.2810.

  • Ripple is slowly moving into a bearish zone below the $0.2800 support zone against the US dollar.
  • The price traded as low as $0.2704 and it is currently correcting higher.
  • There is a major bearish trend line forming with resistance near $0.2810 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to move down unless the bulls are able to push the price above the $0.2940 resistance.

Ripple Price Under Pressure

Ripple price started a steady decline from well above the $0.2920 pivot level. XRP even broke the key $0.2850 support level and the 100 hourly simple moving average to move into a bearish zone.

The decline gained pace below the $0.2800 level and the price almost tested the $0.2700 level. A low is formed near $0.2704 and the price is currently correcting higher. It surpassed above the $0.2750 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $0.2920 high to $0.2704 low.

The price is now facing a strong resistance near the $0.2800 level. There is also a major bearish trend line forming with resistance near $0.2810 on the hourly chart of the XRP/USD pair.

Ripple (XRP)

Ripple price trades below $0.2800. Source: TradingView.com

The trend line is close to the 50% Fib retracement level of the recent decline from the $0.2920 high to $0.2704 low. The 100 hourly SMA is also close to the $0.2840 level to act as a key hurdle.

XRP price must surpass the trend line resistance, 100 hourly SMA, and the $0.2840 level to move into a positive zone. In the stated case, the bulls might gain strength for a push towards $0.3000.

More Downsides in XRP?

If ripple struggles to clear above the $0.2800 and $0.2840 resistance levels, there could be more downsides. An initial support is near the $0.2730 region.

The next major support is near the $0.2700 level, below which the bulls are likely to struggle and the price might continue to move down towards the $0.2620 support.

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 retreating from the 50 level.

Major Support Levels – $0.2730, $0.2700 and $0.2620.

Major Resistance Levels – $0.2800, $0.2840 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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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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