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Breaking News: XRP, ETH, SOL, LINK Look Cheap—The Catalysts That Could Drive The Next Leg Up

Ripple Price Technical Analysis – XRP/USD Preparing for a Break

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 is still above the all-important $0.1960-50 support area against the US Dollar.
  • There is a bearish trend line forming with resistance at $0.2030 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price seems to be preparing for the next break either above $0.2050 or below $0.1960.

Ripple price is holding key support levels against the US Dollar and Bitcoin. XRP/USD is above the $0.1950 support and preparing for the next break.

Ripple Price Support

There were mostly ranging moves in Ripple price above the $0.1950 support against the US Dollar. Buyers failed and there was also no upside break since buyers struggled to place the price above the $0.2050 resistance. There was a correction wave initiated from the $0.2168 swing high and the price declined back below $0.2100. However, the downside move was protected by the 50% Fib retracement level of the last leg up from the $0.1845 low to $0.2168 high.

Moreover, the 100 hourly simple moving average is near $0.2020 and holding the current downside wave. Below $0.2020, there is a crucial support area near $0.1960-50. The mentioned $0.1950 acted as a strong buy zone on many occasions and would continue to hold downsides in the short term. At the moment, a bearish trend line forming with resistance at $0.2030 on the hourly chart of the XRP/USD pair is preventing gains.

Ripple Price Technical Analysis XRP USD

A proper close above $0.2030 and $0.2050 could ignite an upside move. The next major resistance would be the last swing high at $0.2168. Overall, as long as the price is above $0.1950, it remains supported for more gains in the near term towards $0.2165-68.

Looking at the technical indicators:

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

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

Major Support Level – $0.1960

Major Resistance Level – $0.2030

 

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

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