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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Ripple (XRP) Price Showing Signs of Weakness But Likely To Bounce Back

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:16 pm
2 mins read
technical analysis ripple

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  • Ripple price failed to stay above the $0.4450 pivot level and declined below $0.4200 against the US dollar.
  • The price is currently under pressure and it could test the $0.3740 or $0.3400 support.
  • This week’s followed ascending channel was breached with support near $0.4365 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • There are several supports on the downside near $0.3800, $0.3740 and $0.3720.

Ripple price trimmed most its recent gains against the US Dollar and bitcoin. XRP is currently below the $0.4200 support, but it is likely to find a strong support near $0.3740.

Ripple Price Analysis

This week, we saw a strong rise in ripple price above the $0.4000 and $0.4200 resistances against the US Dollar. The XRP/USD pair even broke the $0.4450 pivot level and traded to a new 2019 high at $0.4802. Later, there was a sharp downside correction from the $0.3802 high. The price traded below the $0.4450 pivot level to start a major downward move. It traded below the $0.4400 and $0.4200 support levels to move into a bearish zone.

More importantly, this week’s followed ascending channel was breached with support near $0.4365 on the hourly chart of the XRP/USD pair. The pair even broke the $0.4000 support and tested the $0.3740 support area. A swing low was formed at $0.3745 and the price recently bounced back. It rebounded above $0.4200 and the 50% Fib retracement level of the recent decline from the $0.4802 high to $0.3745 low. However, the previous support near the $0.4450 level acted as a strong resistance.

Besides, the price failed near the 61.8% Fib retracement level of the recent decline from the $0.4802 high to $0.3745 low. The price is currently moving lower and trading below $0.4000. An immediate support is near the $0.3950 level and the 100 hourly simple moving average. The main support is near the $0.3740 level, where the bulls are likely to protect additional losses. Below $0.3740, the price might decline towards the $0.3400 pivot level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly under pressure below the $0.4200 support level. There are chances that the price could revisit $0.3740 before starting a fresh increase. On the upside, an initial resistance is at $0.4200. The main hurdle is near the $0.4450, above which the price is likely to surge above the $0.4802 swing high.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining pace in the bearish zone, with a few negative signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level, with a bearish angle.

Major Support Levels – $0.3950, $0.3740 and $0.3400.

Major Resistance Levels – $0.4200, $0.4450 and $0.4800.

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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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The highest standards in reporting and publishing
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