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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Ripple Price Analysis: XRP Sighting Bullish Break In Near Term

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:13 pm
2 mins read
technical analysis ripple

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  • Ripple price is currently showing a few positive signs above the $0.2980 support against the US dollar.
  • Yesterday’s highlighted key declining channel is intact with resistance near $0.3035 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to break the $0.3040 and $0.3060 resistance levels for a fresh upward move.

Ripple price is slowly recovering against the US Dollar and Bitcoin. XRP/USD could gain bullish momentum once it breaks the $0.3040 and $0.3060 resistance levels.

Ripple Price Analysis

In the past few days, there was a steady decline in ripple price from the $0.3180 swing high against the US Dollar. The XRP/USD pair traded below the $0.3120 and $0.3040 support levels. It even traded below the $0.3000 support to move into a bearish zone. There was a dip towards the $0.2940 level and the price settled below the 100 hourly simple moving average. A low was formed at $0.2939 and later the price started a short-term rebound. The price climbed above the $0.2980 resistance, with bullish moves.

The price even traded above the $0.3000 level, but the upside move was capped by the $0.3040 resistance. More importantly, yesterday’s highlighted key declining channel is intact with resistance near $0.3035 on the hourly chart of the XRP/USD pair. The pair traded as high as $0.3041 and it is currently trading near the 100 hourly SMA. An initial support is near $0.2990 and the 50% Fib retracement level of the recent wave from the $0.2939 low to $0.3041 high. However, the main support is near $0.2980 and the 61.8% Fib retracement level of the recent wave from the $0.2939 low to $0.3041 high. Therefore, if there is a downside correction, the price might find support near $0.3000, $0.2990 or $0.2980.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is showing a few positive signs above the $0.2980 support. Should buyers push the price above the $0.3040 resistance, there are chances of more gains towards $0.3060 and $0.3100.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.

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

Major Support Level – $0.2980

Major Resistance Level – $0.3040

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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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