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

Ripple Price Technical Analysis – XRP/USD Eyeing Upside Break

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:19 pm
2 mins read
Rpple analysis

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Key Highlights

  • Ripple price is placed well above the $0.2150 support and eyeing further gains against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $0.2180 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely to move higher and it could even break the $0.2250 resistance in the near term.

Ripple price is eyeing more gains against the US Dollar and Bitcoin. XRP/USD might break higher above the $0.2250 level to test $0.2300.

Ripple Price Support

It seems like Ripple price is forming a decent support base above $0.2150 against the US Dollar. The price even settled above the $0.2180 level and recently traded as high as $0.2240. After trading near $0.2240, the price started a downside correction and traded below the 23.6% Fib retracement level of the last wave from the $0.2000 low to $0.2240 high.

The downside move was limited since the $0.2120 support held losses. Moreover, the 50% Fib retracement level of the last wave from the $0.2000 low to $0.2240 high acted as a major support. It seems like there is a new connecting bullish trend line forming with support at $0.2180 on the hourly chart of the XRP/USD pair. The pair is following the trend line and is currently placed above the $0.2200 level. It might soon gain pace and attempt an upside break above the $0.2250 level in the near term.

Ripple Price Technical Analysis XRP USD

The next upside hurdle is near $0.2300 where sellers might appear. On the downside, the $0.2150 support is important along with the trend line. Only a close below $0.2120 would call for a test of the next support at $0.2000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is attempting to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level and heading higher.

Major Support Level – $0.2180

Major Resistance Level – $0.2250

 

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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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

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