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Ripple (XRP) Breaking This Single Level Will Spark a Strong Rebound

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

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Ripple is currently correcting higher from the $0.1981 monthly low against the US Dollar. XRP price must break $0.2100 and $0.2150 to start a strong recovery in the near term.

  • Ripple price is currently consolidating above the $0.2000 pivot level against the US dollar.
  • The price is facing a lot of hurdles near the $0.2100 and $0.2150 levels.
  • There is a key bearish trend line forming with resistance near $0.2085 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could correct higher towards $0.2150, above which it might surge towards $0.2250.

Ripple Price Could Recover in the Short Term

Yesterday, we saw a sharp decline in ripple below the $0.2200 and $0.2050 support levels. XRP price even dived below the key $0.2000 support level and settled well below the 100 hourly simple moving average.

A new monthly low is formed near the $0.1981 level and the price is currently correcting higher. It is back above the $0.2000 level, but facing a lot of hurdles.

An initial resistance is near the 23.6% Fib retracement level of the recent drop from the $0.2450 high to $0.1981 low. More importantly, there is a key bearish trend line forming with resistance near $0.2085 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

If there is an upside break above the trend line, ripple price might recover towards the $0.2150 resistance. A successful break above the $0.2150 level could start a strong recovery in the coming sessions.

The next major resistance is near the $0.2215 level since it is close to the 50% Fib retracement level of the recent drop from the $0.2450 high to $0.1981 low. Any further gains will most likely lead the price towards the $0.2280 resistance level and the 100 hourly SMA. An intermediate resistance is near the $0.2250 level.

Another Failure?

If ripple fails to correct above the $0.2100 and $0.2150 resistance levels, it is likely to resume its decline. An initial support is near the key $0.2000 pivot area.

A clear break and close below the $0.2000 support area may perhaps spark a sharp decline. The next support is near the $0.1981 low, below which there is a risk of a drop towards the $0.1920 level in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently recovering and it is near the 50 level.

Major Support Levels – $0.2040, $0.2020 and $0.2000.

Major Resistance Levels – $0.2100, $0.2120 and $0.2150.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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