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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) Above This Confluence Resistance Could Spark Fresh Rally

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:16 pm
2 mins read
Ripple (XRP)

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Ripple retested the $0.2380 support zone against the US Dollar. XRP price is likely to start a fresh rally once it clears the 100 hourly SMA and the $0.2460 resistance region.

  • Ripple is recovering higher after tagging the key $0.2380 support zone against the US dollar.
  • The price is trading near the $0.2420 resistance and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $0.2430 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must clear the 100 hourly SMA and the $0.2460 resistance to start a fresh rally.

Ripple Price Showing Positive Signs

After a decent upward move above $0.2460, ripple failed to settle above the $0.2500 level. XRP price retreated from the $0.2533 high and declined below the $0.2460 support.

There was a break below a major bullish trend line with support near $0.2430 on the hourly chart of the XRP/USD pair. It traded as low as $0.2377 and remained well bid above the $0.2380 support. The price is currently rising and trading above the $0.2400 level.

It broke the 23.6% Fib retracement level of downward move from the $0.2533 high to $0.2377 low. Ripple price is now trading near the $0.2420 resistance and the 100 hourly simple moving average. The bulls are likely to clear the broken trend line hurdle at $0.2420.

Ripple Price

The next resistance is near the $0.2455 level. It is close to the 50% Fib retracement level of downward move from the $0.2533 high to $0.2377 low. The main resistance for the bulls is near the $0.2460 region. A successful close above the $0.2460 region could open the doors for a fresh rally towards $0.2550 or even $0.2620.

Another Failure in XRP?

If ripple fails to clear the $0.2440 and $0.2460 resistance levels, there is a risk of a fresh decline. An initial support on the downside is near the $0.2410 level.

The main support is still near the $0.2380 level. A downside break below the $0.2380 support may perhaps start another bearish wave and it could test the $0.2300 support level. Any further losses could push the price towards the $0.2250 support zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising and it is above the 50 level.

Major Support Levels – $0.2410, $0.2380 and $0.2300.

Major Resistance Levels – $0.2440, $0.2460 and $0.2480.

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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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