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Breaking News: Bitcoin And Ethereum Post Worst Start To A Year On Record: Fortune
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Breaking News: Bitcoin And Ethereum Post Worst Start To A Year On Record: Fortune

Ripple Price Analysis: XRP/USD Sellers In Control Below $0.5200

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis ripple

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Key Highlights

  • Ripple price declined recently and tested the $0.5000 support area against the US dollar.
  • There is a major bearish trend line in place with resistance at $0.5120 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently under pressure below the $0.5120 and $0.5200 resistance levels.

Ripple price is struggling to gain bullish momentum against the US Dollar and Bitcoin. XRP/USD may continue to consolidate below $0.5200 for the next few sessions.

Ripple Price Analysis

After testing the $0.5200 resistance, ripple price declined once more against the US Dollar. The XRP/USD pair formed a swing high at $0.5255 and traded below the $0.5150 level. There was even a close below the $0.5100 level and the 100 hourly simple moving average. The decline was such that the price spiked below the $0.5000 support. However, the price recovered later and it is currently consolidating above $0.5000.

An initial resistance is the 23.6% Fib retracement level of the recent slide from the $0.5255 high to $0.4970 swing low. There is also a major bearish trend line in place with resistance at $0.5120 on the hourly chart of the XRP/USD pair. Around the trend line, the 50% Fib retracement level of the recent slide from the $0.5255 high to $0.4970 swing low is positioned at $0.5114. Therefore, if the pair corrects higher, it could find a strong resistance near $0.5115 and $0.5120. Above the trend line, the next major hurdle for buyers is near the $0.5200 level. On the downside, an initial support is at $0.4970, below which the price could revisit $0.4860.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly under pressure below the $0.5200 resistance area. If buyers continue to fail to gain traction, the price may perhaps decline towards $0.4860 or $0.4700.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed in the bearish zone.

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

Major Support Level – $0.4970

Major Resistance Level – $0.5200

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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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