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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Ripple (XRP) Just Signaled “Sell” And It’s Vulnerable to a Sharp Decline

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:43 pm
2 mins read
Ripple (XRP)

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Ripple is showing a lot of bearish signs below the $0.2050 pivot area against the US Dollar. XRP price is vulnerable to a massive decline below the $0.2000 and $0.1980 support levels.

  • Ripple price is declining and it is trading well below the $0.2100 resistance against the US dollar.
  • The price is likely to dive below the $0.2000 and $0.1980 support levels in the near term.
  • There is a major declining channel forming with resistance near $0.2070 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could bounce if the bulls manages to protect $0.1980 once again.

Ripple Price Likely To Slide Further

In the past few days, ripple bears made a few attempts to push the price below the $0.2000 and $0.1980 support levels, but they failed. XRP price formed a high near the $0.2099 level and recently started a fresh decline.

There was a break below the $0.2050 pivot level. The price even declined below the 50% Fib retracement level of the recent rise from the $0.1991 low to $0.2099 high.

It seems like ripple bears are in control and they are attempting a bearish break below the $0.2000 and $0.1980 support levels. The price is currently testing the $0.1990 area and there is a major declining channel forming with resistance near $0.2070 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

An initial support is near the $0.1965 level. It coincides with the 1.236 Fib extension level of the recent rise from the $0.1991 low to $0.2099 high.

The next key support is near the $0.1950 level, below which the price could test the $0.1920 level in the near term. Any further losses may perhaps lead the price towards the $0.1840 support level.

Another Rejection

There are also chances of another rejection near the $0.1980 support area. If ripple price stays above the $0.1980 support, it could start a short term upside correction.

On the upside, an initial resistance is near the $0.2050 level. The first key resistance is near the $0.2080 level and the channel upper trend line. A successful close above the channel resistance and a follow through above the $0.2100 resistance is needed to start a strong recovery wave in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 30 level.

Major Support Levels – $0.1980, $0.1965 and $0.1920.

Major Resistance Levels – $0.2050, $0.2080 and $0.2100.

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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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