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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Ripple Price Analysis: XRP/USD Under Pressure Below $0.5050

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:31 pm
2 mins read
Ripple Price Analysis techanalysis XRP

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Key Highlights

  • Ripple price declined heavily and broke the $0.5200 and $0.5050 support levels against the US dollar.
  • This is a major bearish trend line in place with resistance at $0.4950 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains in a bearish zone as long as there is no close above $0.4950 and $0.5050.

Ripple price trimmed most of its gains against the US Dollar and Bitcoin. XRP/USD is likely to decline further unless buyers push the price above $0.5050.

Ripple Price Analysis

This past week, there was a steady downside initiated from the $0.5440 swing high in Ripple price against the US Dollar. The XRP/USD pair declined and broke a couple of important support levels like $0.5200 and $0.5050. The downside move was such that the price settled below $0.5000 and the 100 hourly simple moving average. It traded as low as $0.4620 and it is currently correcting higher.

The price has moved above the 23.6% Fib retracement level of the recent decline from the $0.5284 high to $0.4620 low. However, the price is approaching a crucial resistance area near $0.4950. More importantly, there is a major bearish trend line in place with resistance at $0.4950 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $0.5284 high to $0.4620 low. Therefore, it won’t be easy for buyers to clear the $0.4950 resistance. Above this, the next major barrier awaits near $0.5050, which was a support earlier.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price seems to be under a lot of pressure below $0.5050. If it fails to recover above $0.4950, there could be more losses towards $0.4600.

Looking at the 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 now back above the 50 level.

Major Support Level – $0.4620

Major Resistance Level – $0.4950

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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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