Ripple (XRP) Price Remains Vulnerable Below $0.3050

Aayush Jindal

Last Updated: June 11, 2024 1:16 pm

2 mins read

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Ripple price struggled to gain bullish momentum and declined below $0.3000 against the US dollar.
The price is currently trading below key supports and it could extend losses below $0.2940.
There is a short term bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair remains at a risk of more losses towards the $0.2900 and $0.2850 support levels.

Ripple price is currently in a declining mode against the US Dollar and bitcoin. XRP failed to hold gains and it could continue to move down towards the $0.2850 level.

Ripple Price Analysis

This past week, there were decent gains in ripple price above the $0.3050 level against the US Dollar. The XRP/USD pair traded above the $0.3100 level, but it failed to gain strength above the $0.3120 resistance. As a result, there was a fresh decline below the $0.3080 and $0.3050 support levels. The price recently broke the $0.3000 support, and the 76.4% Fib retracement level of the last wave from the $0.2949 high to $0.3125 high. It opened the doors for a break below the $0.2950 support level.

The price is currently trading with a bearish angle and below the $0.2960 and $0.2950 supports. If it extends losses, the next stop for the bears could be $0.2907 and $0.2900. The 1.236 Fib extension level of the last wave from the $0.2949 high to $0.3125 high is also near the $0.2907. Below $0.2900, there could be a sharp drop towards the key support near $0.2850. The 1.618 Fib extension level of the last wave from the $0.2949 high to $0.3125 high near $0.2840 may also act as a support.

On the upside, there is a strong resistance forming near $0.3000 and the 100 hourly simple moving average. There is also a short term bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair. The pair needs to clear the trend line, the $0.3000 barrier, and the 100 hourly SMA to start a decent upward move. The next key resistance above the $0.3000 level is near the $0.3050 level.

Looking at the chart, ripple price is clearly under pressure below the $0.3000 pivot level. Having said that, the $0.3050 level is also a strong resistance. Therefore, as long as the price is below $0.3000 and $0.3050, there is a risk of more losses in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined below the 40 level, with no major recovery sign.

Major Support Levels – $0.2920, $0.2900 and $0.2850.

Major Resistance Levels – $0.3000, $0.3020 and $0.3040.

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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