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Breaking News: XRP Potential: Four Q1 2026 Triggers That Might Propel Price Beyond $8
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Breaking News: XRP Potential: Four Q1 2026 Triggers That Might Propel Price Beyond $8

Ripple Price (XRP) Correcting Gains: BTC And ETH Rally

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:30 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price is currently correcting gains after setting a new weekly high at $0.2872 against the US dollar.
  • The price is trading below the $0.2800 level and it might correct towards the $0.2720 support.
  • There was a break below a connecting bullish trend line with support near $0.2775 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price might correct lower towards the key $0.2720 and $0.2700 support levels in the near term.

Ripple price is correcting lower against the US Dollar and bitcoin. XRP price is likely to bounce back after it revisits the key $0.2720 support area.

Ripple Price Analysis

Yesterday, there was a minor downside correction in ripple price from the $0.2850 resistance against the US Dollar. XRP price tested the key $0.2720 support area. A base was formed above $0.2700 and later the price started a fresh increase. There was a break above the $0.2750 resistance and the price remained well above the 100 hourly simple moving average.

Finally, the price surpassed the $0.2850 resistance area and traded to a new weekly high at $0.2872. Recently, the price started a downside correction below the $0.2850 and $0.2800 levels. Additionally, there was a break below the 50% Fib retracement level of the recent rise from the $0.2715 low to $0.2872 high. More importantly, there was a break below a connecting bullish trend line with support near $0.2775 on the hourly chart of the XRP/USD pair.

The pair is now testing the 61.8% Fib retracement level of the recent rise from the $0.2715 low to $0.2872 high. An immediate support is near the $0.2750 level. It coincides with the 76% Fib retracement level of the recent rise from the $0.2715 low to $0.2872 high. If there are more downsides, ripple price could revisit the main $0.2720 support area in the near term.

On the upside, an initial resistance is near the $0.2800 level. The next resistance is near the $0.2850 level, above which the price is likely to accelerate above the $0.2872 high. The next stop for the bulls in the mentioned case could be $0.2950.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly correcting lower from the $0.2872 high. It might continue to decline below the $0.2750 support. However, the $0.2720 and $0.2700 are likely to hold the decline. Overall, as long as the price is above the $0.2700 level, it is likely to bounce back above $0.2820.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently gaining strength in the bearish zone.

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

Major Support Levels – $0.2750, $0.2720 and $0.2700.

Major Resistance Levels – $0.2800, $0.2850 and $0.2920.

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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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