Ripple (XRP) Retreats From Key Resistance But Bulls Are Comfortable

Aayush Jindal

Last Updated: June 11, 2024 1:47 pm

2 mins read

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Ripple is up close to 10% and it broke the $0.2000 resistance against the US Dollar. However, XRP price struggled to gain strength above $0.2025 and it is currently correcting gains.

Ripple price is showing a lot of positive signs and it rallied above the $0.1880 resistance against the US dollar.
There was a sharp rally above the $0.2000 barrier, but the bulls failed to remain in action above $0.2025.
There is a key bullish trend line forming with support near $0.1940 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to find a decent buying interest near the $0.1940 and $0.1910 support levels.

Ripple Price Rallies 10%

In the past three sessions, there was a sharp increase in bitcoin, Ethereum, and ripple above key hurdles. XRP gained traction and rallied above the $0.1850 and $0.1880 resistance levels.

There was a successful close above the $0.1880 barrier and the 100 hourly simple moving average. The bulls were able to lead the price above the $0.2000 resistance area.

Finally, there was a spike above the $0.2040 level, but the price failed to remain above the key $0.2025 pivot zone. A new monthly high is formed near $0.2055 and the price is currently correcting lower.

Ripple price traded below the $0.2000 support. There was a break below the 23.6% Fib retracement level of the recent surge from the $0.1763 low to $0.2055 high. On the downside, an initial support is near the $0.1960 level.

There is also a key bullish trend line forming with support near $0.1940 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent surge from the $0.1763 low to $0.2055 high is the next key support near the $0.1910 level.

Therefore, dips from the current levels could find a strong buying interest near the $0.1940 and $0.1910 levels. Any further losses may perhaps call for a test of the $0.1880 pivot level.

Fresh Rally

If ripple remains stable above the $0.1940 and $0.1910 support levels, it could start another increase in the coming sessions. An initial resistance is near the $0.2000 level.

The main hurdle is near the $0.2025 level, above which the bulls are likely to aim a break above the $0.2055 and $0.2065 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly reducing its current bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower from well above the 70 level.

Major Support Levels – $0.1960, $0.1940 and $0.1910.

Major Resistance Levels – $0.2000, $0.2025 and $0.2055.

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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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