Ripple Price Technical Analysis – Can XRP/USD Hold $0.6100?

Aayush Jindal

Last Updated: June 11, 2024 1:23 pm

2 mins read

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Key Highlights

Ripple price failed to rise further and started a downside move from the $0.7246 high against the US dollar.
There is a major bearish trend line forming with resistance near $0.6850 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently trading just above the $0.6100 support and it remains at a risk of more losses.

Ripple price is under short-term pressure against the US Dollar and Bitcoin. XRP/USD must stay above the $0.6100 support to avoid further declines in the near term.

Ripple Price Decline

After trading above the $0.7000 level, Ripple price failed to hold gains against the US Dollar. The price started a downside move and traded below the $0.7000 level and the 100 hourly simple moving average. It also broke the 23.6% Fib retracement level of the last upside wave from the $0.5324 low to $0.7246 high. More importantly, there was a break below the $0.6500, which has opened the doors for more declines.

The downside move was such that the price even broke the $0.6400 support. More importantly, there was a break below the 50% Fib retracement level of the last upside wave from the $0.5324 low to $0.7246 high. At the moment, the price is testing a major support at $0.6100. It must hold the stated $0.6100 support, else there is a risk of more declines in the near term. On the upside, the broken $0.6400 support may act as a resistance.

Above $0.6400, the next hurdle is at $0.6500, followed by a major bearish trend line forming with resistance near $0.6850 on the hourly chart of the XRP/USD pair. Moreover, the 100 hourly SMA is at $0.6700 to act as a resistance for an upside move.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is moving slowly in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Level – $0.6100

Major Resistance Level – $0.6500

Charts courtesy – Trading View

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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