Ripple (XRP) Is Primed For a Rally And Only 1 Thing is Holding it Back

Aayush Jindal

Last Updated: June 11, 2024 1:47 pm

2 mins read

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Ripple is currently recovering and trading above the $0.1850 level against the US Dollar. XRP price could start a strong rally if there is an upside break above $0.1900 and $0.1920.

Ripple price is slowly rising and currently testing the $0.1900 resistance against the US dollar.
There price is struggling to gain momentum above $0.1900, $0.1920, and the 100 hourly simple moving average.
There is a major contracting triangle forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to start a strong rally if it surpasses the $0.1900 and $0.1920 resistance levels.

Ripple Price Approaching Breakout

After testing the $0.1800-$0.1810 support area, ripple started an upside correction. XRP price corrected above the $0.1840 and $0.1850 resistance levels to move into a short term positive zone.

There was a close above the $0.1850 level and the 100 hourly simple moving average. However, the price seems to be facing a strong resistance near the $0.1890 and $0.1900 levels. The 50% Fib retracement level of the last key decline drop from the $0.1966 high to $0.1810 swing low is also acting as a hurdle.

Ripple price is also struggling to settle above the 100 hourly simple moving average (currently at $0.1880). More importantly, there is a major contracting triangle forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair.

If the pair breaks the triangle resistance and $0.1900, it could test the 61.8% Fib retracement level of the last key decline drop from the $0.1966 high to $0.1810 swing low.

To start a strong upward move, the bulls need to surpass the $0.1920 resistance level. If they succeed, the price is likely to accelerate higher towards the $0.1980 and $0.2000 resistance levels in the near term.

Fresh Decline?

If ripple struggle to gain momentum above the 100 hourly SMA or the $0.1900 resistance, the price might start a fresh decline below the $0.1860 level.

An initial support on the downside is near a connecting bullish trend line at $0.1850. A clear break below the $0.1850 support level might start a substantial decline towards the $0.1810 and $0.1780 levels.

Technical Indicators

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

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

Major Support Levels – $0.1850, $0.1810 and $0.1800.

Major Resistance Levels – $0.1890, $0.1900 and $0.1920.

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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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