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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Ripple Price Technical Analysis – XRP/USD is Following Uptrend

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:19 pm
2 mins read
XRP USD is Following Uptrend Channel

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Key Highlights

  • Ripple price is slowly moving higher but struggling to gain momentum above $0.2500 against the US Dollar.
  • This week’s highlighted ascending channel with current support near $0.2380 is active on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently testing the channel support at $0.2380-90 and might bounce back.

Ripple price is trading with a bullish bias against the US Dollar and Bitcoin. XRP/USD has to remain above $0.2350 to gain further in the near term.

Ripple Price Support

There was no major upside move in Ripple price above $0.2500 against the US Dollar. The price was seen struggling to gain traction above $0.2450 and $0.2500. However, it still remains in an uptrend above $0.2300. More importantly, this week’s highlighted ascending channel with current support near $0.2380 is active on the hourly chart of the XRP/USD pair.

The pair is currently trading near a major support area at $0.2390. The channel support is at $0.2390 along with the 100 hourly simple moving average. Moreover, the 23.6% Fib retracement level of the last wave from the $0.2052 low to $0.2496 high is also around the same support. Therefore, the channel support near $0.2380-90 is very important and must hold losses.

Ripple Price Technical Analysis XRP USD

Should there be a break below $0.2380, there is a chance of XRP testing the 50% Fib retracement level of the last wave from the $0.2052 low to $0.2496 high at $0.2275. Below this last, the $0.2050 support can be tested. On the upside, the channel resistance is near $0.2550. Before $0.2550, the $0.2500 level is also a major resistance area, which is preventing upsides towards $0.2600.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level and is showing bearish signals.

Major Support Level – $0.2380

Major Resistance Level – $0.2500

 

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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