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

Ripple Price Technical Analysis – Can XRP/USD Continue Higher?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:21 pm
2 mins read
ripple technical analysis

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Key Highlights

  • Ripple price made a nice upside move and traded above the $0.5175 resistance against the US dollar.
  • There is a new bullish trend line forming with support near the $0.5180 level on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may correct a few points lower, but the $0.5180 and $0.5175 are likely to act as supports.

Ripple price is moving higher with a positive bias against the US Dollar and Bitcoin. XRP/USD is now placed nicely above the resistance turned support at $0.5175.

Ripple Price Trend

There were more gains observed above the $0.5000 level in Ripple price against the US Dollar. The price made a nice upside move and succeeded in breaking a major hurdle near the $0.5175 level. It even traded above the $0.5200 level and tested the $0.5500 resistance zone. At the moment, the price is placed nicely above the $0.5000 level and the 100 hourly simple moving average.

The recent high was formed at $0.5537 before the price started a downside correction. It declined below the 23.6% Fib retracement level of the last leg up from the $0.4813 low to $0.5537 high. However, there are many supports on the downside around the $0.5200 level. There is also a new bullish trend line forming with support near the $0.5180 level on the hourly chart of the XRP/USD pair. The same trend line is close to the 50% Fib retracement level of the last leg up from the $0.4813 low to $0.5537 high.

Ripple Price Technical Analysis XRP USD

More importantly, the previous resistance at $0.5175 may now act as a support. On the upside, the price has to move above the $0.5500 level to gain further bullish momentum in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD moved down and is currently below the 50 level.

Major Support Level – $0.5175

Major Resistance Level – $0.5500

 

Charts courtesy – Trading View

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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

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The highest standards in reporting and publishing
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