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Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity

Ripple Price Analysis: XRP’s Bearish Continuation Below $0.3200

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

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  • Ripple price topped near the $0.3820 level and later declined sharply below $0.3500 against the US dollar.
  • There is a short term connecting bearish trend line formed with resistance at $0.3300 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently consolidating losses, but it may soon resume its decline below $0.3200 and $0.3100.

Ripple price made a sharp U-turn against the US Dollar and Bitcoin. XRP/USD is placed in a bearish zone and it may accelerate losses below the $0.3200 support.

Ripple Price Analysis

Recently, we saw an upside break above $0.3600 and $0.3700 in ripple price against the US Dollar. The XRP/USD pair even broke the $0.3800 resistance and traded as high as $0.3819. Later, there was a solid increase in selling interest, resulting in a significant decline below $0.3500. The price traded below the $0.3460 support and the $0.3300 pivot level. Moreover, there was a close below the $0.3350 level and the 100 hourly simple moving average.

A low was formed near $0.3165 and later the price corrected higher. It moved above the $0.3250 level, but upsides remain capped. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $0.3819 high to $0.3165 low. Moreover, there is a short term connecting bearish trend line formed with resistance at $0.3300 on the hourly chart of the XRP/USD pair. If there is a break above the trend line and $0.3320, the price may recover further. The next major hurdle for buyers is seen near the $0.3480-0.3500 zone. It also represents the 50% Fib retracement level of the recent decline from the $0.3819 high to $0.3165 low.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly at a risk of more losses below $0.3200. Sellers are likely to push the price below the $0.3165 low as well. The next immediate support is at $0.3100 and $0.3050.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone, but with a bearish angle.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 40 level, with negative signs.

Major Support Level – $0.3200

Major Resistance Level – $0.3320

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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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