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Breaking News: Ripple Throws Weight Behind Hyperliquid, Fueling HYPE’s Rally Toward Crucial Levels
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Breaking News: Ripple Throws Weight Behind Hyperliquid, Fueling HYPE’s Rally Toward Crucial Levels

Ripple Price Technical Analysis – XRP/USD’s Bounce is Real?

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 bounced sharply after testing the $0.1800 handle against the US Dollar.
  • There was a break above a bearish trend line at $0.1940 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price traded towards $0.2200 before running into strong sell offers.

Ripple price recovered well intraday against the US Dollar and Bitcoin. XRP/USD is back above $0.1950, but struggling to hold gains.

Ripple Price Support

Yesterday, we saw the start of a new downside move with a break of the $0.1950 support in Ripple price against the US Dollar. The price extended declines and traded towards the $0.1800 level. A low was formed at $0.1800 before the price started an upside move and bounced sharply. During the bounce, there was a break above a bearish trend line at $0.1940 on the hourly chart of the XRP/USD pair.

More importantly, the pair was able to move above the $0.1950 level and the 100 hourly simple moving average. The upside move was strong as there was a break above the $0.2100 resistance. A high was formed at $0.2199 from where the price started a sharp downside correction. It has already breached the 50% Fib retracement level of the last wave from the $0.1800 low to $0.2199 high. However, it is approaching a major support area near $0.1950 and the 100 hourly SMA.

Ripple Price Technical Analysis XRP USD

There is also a bullish trend line at $0.1960 and the 61.8% Fib retracement level of the last wave from the $0.1800 low to $0.2199 high at $0.1954. Therefore, once again the $0.1950-0.1960 levels would act as a strong support. The price must stay above $0.1950 to bounce back or it might again test the $0.1850-00 levels.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed well above the 50 level.

Major Support Level – $0.1950

Major Resistance Level – $0.2100

 

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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