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Breaking News: UNI Rallies 10% As BlackRock Brings Treasury‑Backed BUIDL Token To Uniswap

Ripple (XRP) Shows Signs of Reversal But 100 SMA Can Trigger New Rally

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:48 pm
2 mins read

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Ripple is currently consolidating above the $0.2100 support against the US Dollar. XRP price is showing bearish signs, but it could start a fresh increase as long as it is above the 100 SMA (H4).

  • Ripple price is currently struggling to stay above the $0.2100 support against the US dollar.
  • The price is facing a couple of important hurdles near the $0.2220 and $0.2265 levels.
  • There was a break below a key bullish trend line with support near $0.2160 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair must stay above $0.2050 and the 100 SMA (H4) to start a fresh increase.

Ripple Price Trading Near Crucial Juncture

This past month, ripple surged above the $0.2000 and $0.2100 resistance levels to move into a positive zone. XRP price traded as high as $0.2359, settled well above the 100 simple moving average (4-hours), and recently started a downside correction.

There was a break below the $0.2200 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $0.1789 low to $0.2359 high.

However, the $0.2100 region is acting as a strong support. The 50% Fib retracement level of the upward move from the $0.1789 low to $0.2359 high is also acting as a support.

In the past few days, ripple traded in a broad range above $0.2100, but it struggled to clear the $0.2250 resistance zone. There was a downside reaction and a break below a key bullish trend line with support near $0.2160 on the 4-hours chart of the XRP/USD pair.

Ripple Price
Ripple Price

The pair is still trading above the $0.2100 support area, but it is now struggling to recover above the broken trend line and $0.2180. To move into a positive zone, the price must surpass the $0.2200 and $0.2250 resistance levels.

The next major resistance is near the $0.2265, above which the bulls are likely to aim a larger upward move towards the $0.2350 and $0.2420 levels.

Reversal Chances?

On the downside, there is a key support forming near $0.2100. The most important uptrend support is near the $0.2050 level and the 100 simple moving average (4-hours).

If the price fails to stay above the 100 SMA (H4) and declines below $0.2000, there are chances of a bearish reversal towards the $0.1800 level.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level, with bearish signs.

Major Support Levels – $0.2100, $0.2070 and $0.2050.

Major Resistance Levels – $0.2200, $0.2250 and $0.2350.

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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

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