Ripple (XRP) Follows Bitcoin’s Rise But $0.21 Shows Bearish Case Remains Intact

Aayush Jindal

Last Updated: June 11, 2024 1:48 pm

2 mins read

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Ripple traded higher and broke the $0.2000 resistance following bitcoin price rise against the US Dollar. However, XRP is still facing many hurdles near $0.2100 and $0.2200.

Ripple is trading higher and it managed to clear the $0.1980 and $0.2000 resistance levels against the US dollar.
The price is currently facing a key resistance zone near the $0.2050 level.
There was a break above a major bearish trend line with resistance near $0.1980 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to struggle near the $0.2050 or $0.2100 resistance levels.

Ripple Price is Still in Downtrend

Recently, bitcoin gained bullish momentum and climbed sharply above $9,000, sparking an upward move in ripple above $0.1950. XRP price broke the $0.1980 resistance zone to move into a short term positive zone.

The bulls pushed the price above the 23.6% Fib retracement level of the main decline from the $0.2250 high to $0.1849 swing low. There was also a break above a major bearish trend line with resistance near $0.1980 on the hourly chart of the XRP/USD pair.

Ripple is now trading above the $0.2000 level and the 100 hourly simple moving average. On the upside, an initial resistance is near the $0.2050 level. It is near the 50% Fib retracement level of the main decline from the $0.2250 high to $0.1849 swing low.

The next major resistance is near the $0.2100 zone (the last key breakdown zone. If XRP gains bullish momentum above the $0.2100 resistance, the bulls are likely to aim a test of the $0.2200 level in the near term. Any further gains might push the price into a strong uptrend and it could surge towards $0.2280 and $0.2350.

Another Decline in XRP?

If ripple fails to continue above the $0.2050 and $0.2100 resistance levels, there might be another decline. An initial support is near the $0.2000 level.

The first major support is near the 100 hourly SMA at $0.1970, followed by the $0.1950 pivot level. In case the price declines below the $0.1950 support, the bears are likely to aim a test of the $0.1850 low.

Technical Indicators

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

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

Major Support Levels – $0.2000, $0.1950 and $0.1920.

Major Resistance Levels – $0.2050, $0.2100 and $0.2200.

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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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