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Breaking News: CLARITY Act Heading To Senate Vote April 14–20 As Lawmakers Strike Stablecoin Deal

Ripple Price Technical Analysis – XRP/USD Back Below 100 SMA

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 failed to hold gains above $0.5180 and declined sharply against the US dollar.
  • There was a break below yesterday’s pointed bullish trend line with support at $0.5185 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is now trading well below the $0.5000 level and the 100 hourly simple moving average.

Ripple price is showing a few negative signs against the US Dollar and Bitcoin. XRP/USD may correct a few points higher, but it could face sellers near $0.50 and 100 SMA.

Ripple Price Support

Yesterday, we saw a rise above the $0.5200 level in Ripple price against the US Dollar. However, the price failed to surpass the $0.5500 level and started a downside move. It traded lower and broke a major support at $0.5200. There was also a break below the 50% Fib retracement level of the last upside wave from the $0.4815 low to $0.5530 high.

More importantly, there was a break below yesterday’s pointed bullish trend line with support at $0.5185 on the hourly chart of the XRP/USD pair. The pair even settled below the $0.5000 support and the 100 hourly simple moving average. The recent low was formed at $0.4749 from where the price may recover. It is currently testing the 23.6% Fib retracement level of the last decline from the $0.5530 high to $0.4749 low. However, the most important resistance is near $0.5000 and the 100 hourly SMA. It also coincides with the 38.2% Fib retracement level of the last drop from the $0.5530 high to $0.4749 low.

Ripple Price Technical Analysis XRP USD

On the downside, the $0.4700 and $0.4500 levels are important supports. A break below the $0.4500 level could spark heavy losses in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 35 level.

Major Support Level – $0.4700

Major Resistance Level – $0.5000

 

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

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

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