Ripple Price Analysis: XRP Signaling Bullish Bias Above $0.3200

Aayush Jindal

Last Updated: June 11, 2024 1:13 pm

2 mins read

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Ripple price found a strong support near the $0.3000 and $0.3020 levels against the US dollar.
Yesterday’s highlighted key declining channel was breached with resistance near the $0.3110 level on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently trading inside a short term triangle with resistance at $0.3155.
XRP could make the next move and climb above the $0.3180 and $0.3200 resistance levels.

Ripple price is showing a few positive signs against the US Dollar and bitcoin. XRP/USD recently broke a key resistance and it could continue to rise towards $0.3200 and $0.3250.

Ripple Price Analysis

Yesterday, we saw a nasty decline below the $0.3200 and $0.3150 supports in ripple price against the US Dollar. The XRP/USD pair even spiked below the $0.3000 support and traded as low as $0.2980. Later, the price started an upside correction and moved above the $0.3050 resistance. There was a break above the 23.6% Fib retracement level of the last slide from the $0.3390 high to $0.2980 swing low.

Later, the price gained traction and broke the $0.3100 resistance and the 100 hourly simple moving average. Moreover, yesterday’s highlighted key declining channel was breached with resistance near the $0.3110 level on the hourly chart of the XRP/USD pair. The pair tested the $0.3150 resistance level and later started trading in a range. At the moment, the pair is trading inside a short term triangle with resistance at $0.3155 on the same chart. Above the triangle, an immediate resistance is near the $0.3185 level. It coincides with the 50% Fib retracement level of the last slide from the $0.3390 high to $0.2980 swing low.

If there is a break above the $0.3185 and $0.3200 resistance levels, the price could continue to move higher. The next key resistance is near the $0.3250 level. An intermediate resistance could be $0.3235 and the 61.8% Fib retracement level of the same wave. On the other hand, if the price fails to climb above $0.3150 and $0.3185, it could decline towards the $0.3050 support. The main support is at $0.3000, below which the price could turn bearish.

Looking at the chart, ripple price is currently trading in a positive zone above the $0.3050 and $0.3080 supports. Having said that, buyers need to gain pace above $0.3150 and $0.3185 to set the pace for more upsides in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD managed to move above the 50 level, with a positive bias.

Major Support Levels – $0.3080, $0.3050 and $0.3020.

Major Resistance Levels – $0.3150, $0.3185 and $0.3200.

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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