Ripple (XRP) Price Gaining Momentum While BTC Is Consolidating

Aayush Jindal

Last Updated: June 11, 2024 1:31 pm

2 mins read

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Ripple price is climbing higher and it recently surpassed the $0.2950 resistance against the US dollar.
The price is moving towards $0.3000 and it could rally sharply above $0.3020.
There is a rising channel forming with support near $0.2940 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price could dip a few points, but it remains well supported near $0.2940 and $0.2860.

Ripple price is rising steadily against the US Dollar, bitcoin and Ethereum. XRP price is likely to surpass $0.3000 and gain strength above $0.3020 in the near term.

Ripple Price Analysis

Yesterday, we saw the start of a fresh increase in ripple price above $0.2850 while bitcoin and Ethereum were struggling against the US Dollar. XRP price remained in a positive zone above $0.2850 and it even climbed above the $0.2920 resistance. Moreover, there was a break above the $0.2950 resistance and the price settled well above the 100 hourly simple moving average.

The upward move was such that the price traded close to the $0.3000 resistance. Finally, a high was formed near $0.2992 and the price is currently consolidating gains. An immediate support is near the $0.2960 level. It coincides with the 23.6% Fib retracement level of the recent leg from the $0.2863 low to $0.2992 high. On the downside, there are many supports near the $0.2940 level.

Additionally, there is a rising channel forming with support near $0.2940 on the hourly chart of the XRP/USD pair. The channel support coincides with the 50% Fib retracement level of the recent leg from the $0.2863 low to $0.2992 high. If there are more downsides, ripple price could test the main $0.2860 and $0.2850 support levels (the recent resistances). An intermediate support is near the 61.8% Fib retracement level of the recent leg from the $0.2863 low to $0.2992 high.

On the upside, an initial resistance is near the $0.3000 level. A successful close above the $0.3000 resistance could set the stage for strong gains in the near term.an immediate resistance is near $0.3020, above which the price may perhaps rally towards the $0.3050 and $0.3080 levels.

Looking at the chart, ripple price is clearly trading in an uptrend and is gaining momentum above $0.2920. The next stops are near the $0.3000 and $0.3020 levels. Besides, Ethereum is also climbing higher, but bitcoin is struggling to clear the $8,350 and $8,400 resistances.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining strength in the bullish zone.

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

Major Support Levels – $0.2960, $0.2940 and $0.2860.

Major Resistance Levels – $0.3000, $0.3020 and $0.3050.

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.
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