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Ripple Price Technical Analysis – XRP/USD Under Pressure

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:19 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price came under renewed selling pressure as it moved below $0.2500 against the US Dollar.
  • There are two key bearish trend lines forming with resistances near $0.2400 and $0.2460 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently correcting higher but struggling to break the $0.2400 and $0.2450 resistance levels.

Ripple price is under bearish pressure against the US Dollar and Bitcoin. XRP/USD has to move above $0.2450 to gain bullish traction in the near term.

Ripple Price Upside Hurdle

There were a couple of downside swing moves in Ripple price below $0.2500 against the US Dollar. The price failed to hold yesterday’s swing low near $0.2308 and declined further. It traded below the $0.2300 support and tested the $0.2200 zone. A low was formed at $0.2195 from where a minor correction wave was initiated. It has moved above the 23.6% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low.

However, the price is facing many hurdles on the upside near $0.2400 and $0.2450. The current wave faced sellers near the 38.2% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low. Moreover, there are two key bearish trend lines forming with resistances near $0.2400 and $0.2460 on the hourly chart of the XRP/USD pair. The second trend line resistance, $0.2500 and the 50% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low are important. These hurdles might continue to prevent gains above $0.2500 in the near term.

Ripple Price Technical Analysis XRP USD

On the downside, the $0.2200 swing low is a decent support. However, there are chances of XRP testing the $0.2100 support zone as well in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is about to move in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards 35.

Major Support Level – $0.2200

Major Resistance Level – $0.2450

 

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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