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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Ripple Price Analysis: XRP Could Accelerate Losses Below $0.3000

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:33 pm
2 mins read
technical analysis ripple

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  • Ripple price declined recently and broke the $0.3100 and $0.3070 supports against the US dollar.
  • There is a major bearish trend line in place with resistance at $0.3030 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains at a risk of more losses below the $0.3000 support area in the near term.

Ripple price tumbled and broke key supports against the US Dollar and Bitcoin. XRP/USD could accelerate losses towards the $0.2920 support in the coming sessions.

Ripple Price Analysis

This past week, there were mostly range moves, with a bearish formation below $0.3200 in ripple price against the US Dollar. The XRP/USD pair recently faced an increased selling pressure, resulting in more losses below $0.3100. The pair broke the $0.3070 support and the 100 hourly simple moving average. Sellers gained paced and pushed the price below the $0.3050 and $0.3020 supports as well. A new low was formed near $0.3000 and the price remains at a risk of more losses.

At the moment, the price is gaining bearish momentum below $0.3020. An initial resistance is at the 23.6% Fib retracement level of the recent slide from the $0.3075 high to $0.2997 low. Moreover, there is a major bearish trend line in place with resistance at $0.3030 on the hourly chart of the XRP/USD pair. It seems like the trend line and $0.3032 level may act as a solid barrier. Above these, the 50% Fib retracement level of the recent slide from the $0.3075 high to $0.2997 low is near $0.3036. Therefore, it seems like the $0.3030-0.3040 area might act as a solid barrier for buyers in the coming sessions.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly under pressure below $0.3040. Therefore, there are high chances of more declines below $0.3000. The next major support is near the $0.2920 level, where buyers are likely to appear.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining bearish momentum, with a lot of negative signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently in the oversold area, with a bearish angle.

Major Support Level – $0.3000

Major Resistance Level – $0.3040

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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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