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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ripple (XRP) Showing Signs of Weakness But $0.25 Holds The Key

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:42 pm
2 mins read
Ripple (XRP)

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Ripple failed to clear the key $0.3080 resistance and declined sharply against the US Dollar. XRP price is down 5%, but there are many key supports on the downside.

  • Ripple price started a strong decline after it was rejected near the $0.3080 area against the US dollar.
  • The price is down more than 5% and it is approaching the $0.2680 support area.
  • There was a break below a key ascending channel with support near $0.2920 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely to find a strong buying interest near $0.2680 or $0.2500.

Ripple Price Approaching Key Supports

Yesterday, we saw a decent recovery wave in ripple above $0.2800 resistance. XRP price even climbed above the $0.2950 resistance and the 100 hourly simple moving average.

Besides, there was a break above the 23.6% Fib retracement level of the downward move from the $0.3470 high to $0.2675 swing low. However, the upward move was capped by the key $0.3070 and $0.3080 resistance levels (as discussed yesterday).

Moreover, the 50% Fib retracement level of the downward move from the $0.3470 high to $0.2675 swing low acted as a strong hurdle for the bulls. As a result, ripple price started a strong decline below the $0.2900 support area.

During the decline, there was a break below a key ascending channel with support near $0.2920 on the hourly chart of the XRP/USD pair. It opened the doors for more losses below the $0.2850 support and the 100 hourly simple moving average.

Ripple Price
Ripple Price

The price is down more than 5% and it is trading near the $0.2750 level. On the downside, the first key support is near the $0.2700 and $0.2680 levels. The main support is near the $0.2500 area, where the bulls are likely to take a stand. Any further losses could lead the price towards the $0.2200 support area.

Another Recovery?

If ripple stays above the $0.2680 support area, it could start another recovery wave. An initial resistance is near the $0.2900 resistance and the 100 hourly simple moving average.

To start a convincing upward move, the price must gain traction above the $0.3000 and $0.3080 resistance levels. If not, there is a risk of a drop towards the $0.2500 support area in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, with a few recovery signs.

Major Support Levels – $0.2700, $0.2680 and $0.2500.

Major Resistance Levels – $0.2880, $0.2900 and $0.3000.

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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

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