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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Ripple (XRP) Rallies 20% To Hit $0.33 But $0.35 Region Could Be Game Changer

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:41 pm
2 mins read
Ripple XRP

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Ripple rallied around 20% and it broke the key $0.3000 resistance against the US Dollar. XRP price is now approaching the $0.3400-$0.3500 resistance, where it could face a strong selling interest.

  • Ripple price surged above $0.3000 and $0.3200 to move into an uptrend against the US dollar.
  • The price is up close to 20% and it tested the $0.3400 resistance area.
  • Earlier, there was a break above a major bearish trend line with resistance near $0.2460 on the daily chart of the XRP/USD pair (data source from Kraken).
  • The main hurdle for the bulls is near the $0.3500 area (a multi touch zone and a key pivot area).

Ripple Price Rally Facing Hurdles

After forming a support base above $0.1800, ripple started a strong rise in Jan 2020 against the US Dollar. XRP broke many hurdles near $0.2000 and $0.2200 to move into a positive zone.

More importantly, the bulls were able to lead the price above the $0.2400 resistance area and the 100-day simple moving average. It opened the doors for more gains above the $0.2500 resistance.

Besides, there was a break above a major bearish trend line with resistance near $0.2460 on the daily chart of the XRP/USD pair. Finally, ripple surged more than 20% in the past three days and broke many important hurdles, including $0.3000.

Ripple Price
Ripple Price

Besides, there was a break above the 76.4% Fib retracement level of the key downward move from the $0.3143 high to $0.1726 low. It is now trading nicely above the $0.3143 swing high.

However, there is a strong resistance waiting on the upside near $0.3500 (a multi touch zone and a key pivot area). Additionally, the 1.236 Fib extension level of the key downward move from the $0.3143 high to $0.1726 low is near $0.3480.

Therefore, ripple price is likely to face a strong selling interest near the $0.3500 resistance area. If the bulls overcome $0.3500, it could open the gates for a push towards $0.4000 in the coming days.

Resistance Turned Support

If there is a downside correction, ripple remains well supported near the $0.3150 level (the recent breakout resistance zone).

The main support is now near the $0.3000 area, below which there is a risk of a larger downside correction towards the $0.2680 level. Overall, the price is approaching a significant resistance at $0.3500, where the bulls are likely to struggle.

Technical Indicators

Daily MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 60 level.

Major Support Levels – $0.3150, $0.3000 and $0.2680.

Major Resistance Levels – $0.3400, $0.3500 and $0.4000.

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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
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