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Breaking News: XRP Outlook Slashed: Standard Chartered Lowers Forecast From $8 To $2
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Breaking News: XRP Outlook Slashed: Standard Chartered Lowers Forecast From $8 To $2

Ripple (XRP) Price Won’t Go Down Quietly: Risk of Bounce Grows

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:40 pm
2 mins read
Ripple

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Ripple is facing hurdles near the $0.2200 resistance against the US Dollar, similar to bitcoin near $8,200. XRP price is declining, but the bulls are likely to protect $0.2080 and $0.2070.

  • Ripple price is correcting lower after it failed to surpass the $0.2200 resistance against the US dollar.
  • The price remains well supported on the downside near the $0.2080 and $0.2070 levels.
  • Recently, there was a break below a connecting bullish trend line with support at $0.2125 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could dip towards the $0.2080 support before it bounces back above $0.2125 and $0.2150.

Ripple Price Remains Supported

After forming a support base near $0.2000, ripple started a steady rise above $0.2100 against the US Dollar. Both bitcoin and Ethereum climbed higher, which helped XRP in climbing towards the $0.2200 resistance area.

However, the bulls failed to push the price above the $0.2200 resistance area. A high was formed near $0.2198 before the price started a downside correction. It broke the $0.2160 and $0.2150 support levels.

Besides, there was a break below a connecting bullish trend line with support at $0.2125 on the hourly chart of the XRP/USD pair. Ripple price is now trading below the 23.6% Fib retracement level of the upward move from the $0.2003 low to $0.2198 high.

Ripple Price
Ripple Price

On the downside, there are many supports, starting with $0.2100. It represents the 50% Fib retracement level of the upward move from the $0.2003 low to $0.2198 high.

The next key supports are near $0.2080, $0.2070, and the 100 hourly simple moving average. Therefore, XRP is likely to find a strong buying interest if it dips towards the $0.2080 area in the near term.

If there is a downside break and close below $0.2070, it could invalidate the bullish view and ripple is likely to dive towards the $0.2000 support.

Hurdles On The Upside For XRP

The first resistance for XRP is near the $0.2125 area, above which the price is likely to rise above the $0.2150 resistance area. The main resistance is near the $0.2200 level. A successful daily close above the $0.2200 resistance may perhaps open the doors for a fresh rally towards the $0.2320 level.

Looking at the chart, ripple price is correcting lower, but the bulls are still active above $0.2080 and $0.2070. Only a close below $0.2070 might decrease the chances of a break above $0.2200 in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.

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

Major Support Levels – $0.2100, $0.2080 and $0.2070.

Major Resistance Levels – $0.2125, $0.2150 and $0.2200.

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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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