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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Ripple Price Technical Analysis – Can XRP/USD Break This?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:24 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price made a major bottom near the $0.8399 low and recovered against the US dollar.
  • There was a break above yesterday’ highlighted crucial bearish trend line with resistance at $1.45 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently facing a huge task near the $1.60 level and the 100 hourly simple moving average.

Ripple price is recovering nicely against the US Dollar and Bitcoin. XRP/USD is now above $1.40, but facing a major resistance near $1.60 and the 100 hourly SMA.

Ripple Price Resistance

Yesterday, we saw a major decline below $1.00 in Ripple price against the US Dollar. The price traded as low as $0.8399 from where it started an upside move. It moved above the 50% Fib retracement level of the last drop from the $1.9027 high to $0.8399 low. The current price action is positive since the price has moved above the $1.00 and $1.20 resistance levels.

More importantly, there was a break above yesterday’ highlighted crucial bearish trend line with resistance at $1.45 on the hourly chart of the XRP/USD pair. However, the pair is currently facing a major hurdle near the $1.50-1.60 levels. The 100 hourly simple moving average is positioned at $1.60 to act as a major barrier for buyers. Moreover, the 61.8% Fib retracement level of the last drop from the $1.9027 high to $0.8399 low is at $1.49. Therefore, it seems like there is a crucial resistance forming near $1.50-1.60.

Ripple Price Technical Analysis XRP USD

A break above stated $1.60 level is needed for buyers to gain control. On the downside, an initial support is at $1.30. However, the most important support is now at $1.20, which is a buy zone.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now back in the bullish zone.

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

Major Support Level – $1.20

Major Resistance Level – $1.60

 

Charts courtesy – Trading View, Kraken

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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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Comments 1

  1. Laziest Newbie says:
    8 years ago

    Nice analysis, but let’s hope BTC could also broke its resistance level.

    Reply

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Comments 1

  1. Laziest Newbie says:
    8 years ago

    Nice analysis, but let’s hope BTC could also broke its resistance level.

    Reply

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