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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Ripple (XRP) Could Escape Downtrend if it Closes Above One Key Level

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:04 pm
2 mins read
Ripple (XRP)

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Ripple is still facing many hurdles near $0.1980 and $0.2000 against the US Dollar. XRP price must settle above the $0.2000 resistance zone to avoid more losses in the near term.

  • Ripple is climbed towards the $0.2000 resistance and traded as high as $0.1986 against the US dollar.
  • The price is currently consolidating above the $0.1900 support and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $0.1900 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must stay above the $0.1900 support to start a decent upward move in the near term.

Ripple Price Facing Uphill Task

Ripple price started a steady recovery wave from the $0.1820 support zone. XRP climbed above the $0.1900 and $0.1920 resistance levels. The price even broke the $0.1950 resistance and the 100 hourly simple moving average.

Finally, it climbed towards the $0.2000 resistance, but failed to continue higher. A high was formed near $0.1986 before the price started a fresh decline.

There was a break below the $0.1920 level, but the $0.1900 zone provided support. A low is formed near $0.1885 and the price is slowly rising. It surpassed the 23.6% Fib retracement level of the recent decline from the $0.1986 high to $0.1885 low.

It seems like there is a key bullish trend line forming with support near $0.1900 on the hourly chart of the XRP/USD pair. On the upside, the $0.1935 level is currently acting as a resistance. It is close to the 50% Fib retracement level of the recent decline from the $0.1986 high to $0.1885 low.

Ripple Price
Ripple Price Holds $0.1900: Source: TradingView.com

The first major resistance is near the $0.1980 level. The main hurdle for a larger upward move is near the $0.2000 level. A successful daily close above the $0.2000 level could open the doors for a steady rise towards the $0.2100 and $0.2120 levels.

Fresh Decline in XRP?

On the downside, the $0.1900 support zone is very important. If ripple fails to stay above the trend line and the $0.1900 support, it could start a strong decline.

In the stated bearish scenario, the price could easily drift towards the $0.1820 support. Any further losses might lead it towards $0.1800.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.

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

Major Support Levels – $0.1900, $0.1880 and $0.1820.

Major Resistance Levels – $0.1935, $0.1980 and $0.2020.

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Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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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