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Breaking News: Expert Predicts Bitcoin Price Could Fall To $45,000 By End Of 2026
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Breaking News: Expert Predicts Bitcoin Price Could Fall To $45,000 By End Of 2026

Ripple Price (XRP) Facing Hurdles While Bitcoin Remains Supported

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:25 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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  • Ripple price extended its decline and traded towards the $0.2520 level against the US dollar.
  • The price is currently correcting higher, but it is facing resistance near the $0.2570-$0.2580 area.
  • There is a key bearish trend line forming with resistance near $0.2565 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price remains at a risk of more downsides if it fails to stay above the $0.2520 and $0.2500 supports.

Ripple price is trading in a bearish zone against the US Dollar and bitcoin. XRP price could bounce back if it stays above the $0.2520 support area in the near term.

Ripple Price Analysis

Yesterday, we saw a fresh drop in XRP price from the $0.2650 resistance against the US Dollar. The price mostly followed a bearish path below the $0.2620 and $0.2600 levels. Moreover, there was a close below the $0.2600 level and the 100 hourly simple moving average. Ripple extended its decline below the $0.2580 level and traded close to the $0.2520 level.

A swing low was formed near $0.2527 and the price is currently correcting higher. It traded above the $0.2550 level plus the 23.6% Fib retracement level of the recent decline from the $0.2672 high to $0.2527 low. Moreover, there is a key bearish trend line forming with resistance near $0.2565 on the hourly chart of the XRP/USD pair. Above the trend line, the next resistance is near the $0.2590 level and the 100 hourly SMA.

Finally, the 50% Fib retracement level of the recent decline from the $0.2672 high to $0.2527 low is near the $0.2600 level to act as a resistance. The main resistance for the bulls is near the $0.2650 level, above which there are chances of a solid upward move in the coming days. In the mentioned case, ripple could surge towards the $0.2800 and $0.2820 levels.

Conversely, if the price continues to struggle below $0.2600 and $0.2650, there could be additional losses. An immediate support is near the $0.2520 and $0.2500 levels. Below $0.2500, the price could tumble sharply towards the $0.2400 level in the near term.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is slowly recovering above the $0.2550 level. However, the bulls are likely to face selling interest near the $0.2580 and $0.2600 levels. As long as the price is trading below $0.2600 and $0.2650, the price could extend its decline towards or below $0.2500.

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 currently declining and it is below the 50 level.

Major Support Levels – $0.2540, $0.2520 and $0.2500.

Major Resistance Levels – $0.2580, $0.2600 and $0.2650.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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