Ripple (XRP) Regains Strength And Eyes Crucial Bullish Break Above $0.30

Aayush Jindal

Last Updated: June 11, 2024 1:41 pm

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ripple is climbing higher and it recently retested the $0.2880 resistance against the US Dollar. XRP price could surge further above $0.2900 and $0.3000 in the near term.

Ripple price started a fresh increase after tagging the $0.2680 support area against the US dollar.
The bulls regained strength and pushed the price back above $0.2800.
There was a break above a key bearish trend line with resistance near $0.2725 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price could surge further once it clears the $0.2900 resistance area.

Ripple Price Could Rise Further

After a downside correction, ripple found support near the $0.2670 and $0.2680 levels. A swing low was formed near $0.2670 and the XRP price recently started a fresh increase.

The bulls were able to gain strength and the price climbed above the $0.2700 and $0.2750 resistance levels. Moreover, there was a close above the $0.2750 level and the 100 hourly simple moving average.

During the upward move, there was a break above a key bearish trend line with resistance near $0.2725 on the hourly chart of the XRP/USD pair. Ripple climbed above $0.2800 and retested the $0.2880-$0.2890 resistance area.

Besides, a high is formed near $0.2881 and the price is currently consolidating gains. An initial support is near the $0.2830 level. It coincides with the 23.6% Fib retracement level of the recent wave from the $0.2700 low to $0.2881 high.

On the upside, ripple bulls need to gain pace above the $0.2880 and $0.2890 levels. Therefore, a clear break above the $0.2900 level may perhaps open the doors for a larger rally above $0.3000. In the mentioned case, the price could even surge towards the $0.3200 level.

Another Rejection?

Clearly, the $0.2880 and $0.2890 levels are important. The price must break the $0.2890 area to continue higher. If it fails again, there are chances of a strong bearish reaction.

The first key support is near the $0.2780 level. It is near the 50% Fib retracement level of the recent wave from the $0.2700 low to $0.2881 high. Additionally, the 100 hourly simple moving average is also near the $0.2775 level to provide support. Any further losses may perhaps lead ripple price back towards $0.2670.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and well above the 60 level.

Major Support Levels – $0.2830, $0.2780 and $0.2670.

Major Resistance Levels – $0.2890, $0.2900 and $0.3000.

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.

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.