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Breaking News: XRP Will Skyrocket Beyond $18: Analyst Suggests 800% Growth Potential In 2026
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Breaking News: XRP Will Skyrocket Beyond $18: Analyst Suggests 800% Growth Potential In 2026

Ripple (XRP) Showing Bearish Signs: Here’s How It Could Fuel Decline in Bitcoin

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:03 pm
2 mins read
Ripple

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Ripple is showing bearish signs below $0.2050 against the US Dollar. If XRP breaks the key $0.2000 support, it could also put a lot of pressure on bitcoin in the short term.

  • Ripple is struggling to settle above the $0.2040 and $0.2050 resistance levels against the US dollar.
  • The price is now trading well below the $0.2050 level and the 100 hourly simple moving average.
  • There was a break below a rising channel with support near $0.2020 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Bitcoin price could also face an increase in selling interest if ripple dives below the $0.2000 support.

Ripple Price is Declining Steadily

In the past three days, ripple price made many attempts to clear the $0.2040 and $0.2050 resistance levels. However, XRP failed to continue higher and it recently started a fresh decline below $0.2020.

The last swing high was formed near $0.2046 before the price started declining. It broke the $0.2020 support level and the 100 hourly simple moving average. More importantly, there was a break below a rising channel with support near $0.2020 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

The pair traded as low as $0.2003 and it is currently correcting higher. There was a break above the $0.2010 level. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $0.2046 high to $0.2003 low.

On the upside, the price is currently facing hurdles near the previous support at $0.2020 and the 100 hourly SMA. The 50% Fib retracement level of the recent decline from the $0.2046 high to $0.2003 low is also near the $0.2025 level.

The main hurdle is still near the $0.2040 and $0.2050 resistance levels. A successful close above the $0.2050 resistance is needed to decrease the current bearish pressure.

Major Downside Break in XRP?

If ripple price fails to recover above the $0.2025 level or the $0.2050 resistance, it could continue to move down. The main support is near the $0.2000 and $0.1985 levels.

A successful bearish break and close below the $0.2000 support could spark a major decline in the near term. In the mentioned case, the price could dive towards the $0.1900 level or $0.1880.

Technical Indicators

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

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

Major Support Levels – $0.2000, $0.1985 and $0.1900.

Major Resistance Levels – $0.2025, $0.2040 and $0.2050.

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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

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