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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Ripple Price Analysis: XRP’s Rally Could Extend To $0.3500-0.3600

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

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Key Highlights

  • Ripple price rallied recently and broke the $0.3000 and $0.3200 resistances against the US dollar.
  • Yesterday’s highlighted key bearish trend line was breached with resistance at $0.2850 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair traded above the $0.3300 resistance and it may continue to move higher in the near term.

Ripple price jumped back in a bullish zone against the US Dollar and Bitcoin. XRP/USD could continue to move higher towards the $0.3500 resistance zone.

Ripple Price Analysis

There was a solid support formed above the $0.2800 level in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.2950 and $0.3000 resistance levels. There was even a close above the $0.3060 level and the 100 hourly simple moving average. The recent upward move was strong as the price broke the $0.3200 resistance and climbed close to $0.3380.

During the rise, yesterday’s highlighted key bearish trend line was breached with resistance at $0.2850 on the hourly chart of the XRP/USD pair. The pair traded as high as $0.3377 and later corrected lower. It moved below the 23.6% Fib retracement level of the last wave from the $0.2813 low to $0.3377 high. However, the $0.3100 level acted as a strong support and protected more losses. Besides, there was no test of the 50% Fib retracement level of the last wave from the $0.2813 low to $0.3377 high. The price is currently trading nicely above the $0.3200 support area and it seems like it could surge further.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price might clear the $0.3377 high and climb towards the $0.3500 or $0.3600 resistance. On the downside, there are many supports, starting with $0.3200 and up to $0.3000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed well above the 65 level.

Major Support Level – $0.3200

Major Resistance Level – $0.3380

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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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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

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