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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

XRP Price Aims for a Bullish Surge: Is a Major Move on the Horizon?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 7:40 am
2 mins read

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XRP price is slowly moving higher above the $0.5120 zone. It could start a major increase if there is a close above the $0.5320 resistance zone.

  • XRP is attempting a fresh increase above the $0.5220 zone.
  • The price is now trading above $0.520 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $0.5240 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a decent increase if there is a clear move above $0.5300.

XRP Price Holds Support

XRP price remained well-supported above the $0.500 zone and started a fresh increase like Bitcoin and Ethereum. The price was able to clear the $0.5120 and $0.5150 levels.

There was a clear move above the $0.5250 resistance and the price tested the $0.530 zone. A high was formed at $0.5300 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.5080 swing low to the $0.5300 high.

The price is now trading above $0.5250 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $0.5240 on the hourly chart of the XRP/USD pair.

On the upside, the price is facing resistance near the $0.5280 level. The first key resistance is near $0.5300. The next major resistance is near the $0.5320 level. A close above the $0.5320 resistance zone could send the price higher. The next key resistance is near $0.5450.

XRP Price
Source: XRPUSD on TradingView.com

If there is a close above the $0.5450 resistance level, there could be a steady increase toward the $0.5560 resistance. Any more gains might send the price toward the $0.5650 resistance.

Another Decline?

If XRP fails to clear the $0.530 resistance zone, it could start another decline. Initial support on the downside is near the $0.5240 level and the trend line.

The next major support is at $0.5190 or the 50% Fib retracement level of the upward move from the $0.5080 swing low to the $0.5300 high. If there is a downside break and a close below the $0.5190 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.5120 support in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5240 and $0.5190.

Major Resistance Levels – $0.5300 and $0.5320.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

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