XRP Price Prediction: Ripple Trades Near Make-or-Breaks Levels

Aayush Jindal

Last Updated: June 11, 2024 8:01 am

2 mins read

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Ripple is consolidating above the $0.440 support against the US Dollar. XRP price could recover if it clears the $0.480 resistance zone.

Ripple started a fresh decline from the $0.5380 zone against the US dollar.
The price is now trading below $0.500 and the 100 simple moving average (4 hours).
There is a key contracting triangle forming with support near $0.450 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might decline further if it stays below the $0.480 and $0.500 resistance levels.

Ripple Price Drops To $0.44

After a steady increase, Ripple’s XRP faced sellers near the $0.538 level against the US Dollar. A high was formed near $0.5382 and the price started a fresh decline, similar to Bitcoin and Ethereum.

There was a clear move below the $0.520 and $0.500 support levels. The price even declined below $0.450 and tested $0.440. A low is formed near $0.4403 and the price is now consolidating losses. It is now trading below $0.500 and the 100 simple moving average (4 hours).

There is also a key contracting triangle forming with support near $0.450 on the 4-hour chart of the XRP/USD pair. Initial resistance is near the $0.464 zone or the 23.6% Fib retracement level of the downward move from the $0.5382 swing high to the $0.4403 low.

Source: XRPUSD on TradingView.com

The first major resistance is near the $0.490 level or the 50% Fib retracement level of the downward move from the $0.5382 swing high to the $0.4403 low. A successful break above the $0.490 and $0.500 resistance levels might send the price toward the $0.5252 resistance. Any more gains might send the price toward the $0.5380 zone.

More Losses in XRP?

If ripple fails to clear the $0.490 resistance zone, it could continue to move down. Initial support on the downside is near the $0.452 zone.

The next major support is near $0.440. The main support is near $0.400. If there is a downside break and a close below the $0.400 level, XRP’s price could extend losses. In the stated case, the price could test the $0.365 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.450, $0.440, and $0.400.

Major Resistance Levels – $0.490, $0.500, and $0.538.

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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