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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ripple Price (XRP) Gains 10%: ETH & BTC Rebounding

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:30 pm
2 mins read
technical analysis xrp

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  • Ripple price climbed higher recently above the $0.2450 and $0.2500 resistances against the US dollar.
  • The price is currently trading near the $0.2620 resistance area and is consolidating gains.
  • There was a break above a major bearish trend line with resistance near $0.2415 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price might correct a few points, but it is likely to test the main $0.2650 resistance in the near term.

Ripple price is showing signs of a decent upside correction against the US Dollar and bitcoin. XRP price could continue higher, but the $0.2650 resistance holds the key.

Ripple Price Analysis

After a strong decline, ripple price started consolidating above the $0.2320 level against the US Dollar. The XRP/USD pair traded in a range and recently started a decent upward move above the $0.2400 resistance area. Moreover, the price broke the key $0.2420 resistance area and the 100 hourly simple moving average to start the recent upside correction.

During the rise, there was a break above a major bearish trend line with resistance near $0.2415 on the hourly chart of the XRP/USD pair. As a result, the pair surged above the $0.2500 and $0.2550 resistance levels. Ripple is up around 10% in the past three sessions and it even tested the $0.2620 resistance area. A high was formed near $0.2618 and the price is currently showing a lot of positive signs.

It dipped a few points below the $0.2600 level and the 23.6% Fib retracement level of the recent wave from the $0.2352 low to $0.2618 high. However, the decline was limited and contained by the $0.2480 support area. Moreover, the 50% Fib retracement level of the recent wave from the $0.2352 low to $0.2618 high acted as a strong support.

The price is now trading with a positive bias above the $0.2500 level. If there is an upside break above the $0.2620 resistance area, the price could test the main $0.2650 resistance. A clear break above the $0.2650 resistance area might set the pace for a larger upward move in the coming sessions. On the downside, the key supports are near the $0.2480 and $0.2450 levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading nicely above $0.2500. However, the bulls need to gain strength above the $0.2620 and $0.2650 resistance levels to push the price further higher in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back into the bullish zone.

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

Major Support Levels – $0.2520, $0.2480 and $0.2450.

Major Resistance Levels – $0.2620, $0.2650 and $0.2720.

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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
The highest standards in reporting and publishing
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