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Ripple Price Technical Analysis – XRP/USD Consolidating Above $0.5500

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read

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Key Highlights

  • Ripple price found support above $0.5500 after a major decline against the US dollar.
  • There is a key connecting bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may correct a few points higher in the near term, but upsides are likely to be capped by $0.6000.

Ripple price faced a lot of selling pressure this week against the US Dollar and Bitcoin. XRP/USD is now consolidating above the $0.5500 support level.

Ripple Price Resistance

Yesterday, we saw a major decline in Ripple price from well above $0.6000 against the US Dollar. The price fell sharply and settled below the mentioned $0.6000 level and the 100 hourly simple moving average. A low was formed near the $0.5572 before the price a short-term support. A minor upside correction was initiated and the price moved above the 23.6% Fib retracement level of the last drop from the $0.6361 high to $0.5572 low.

However, the upside move was capped by the $0.6000 level. Moreover, the 38.2% Fib retracement level of the last drop from the $0.6361 high to $0.5572 low also prevented further gains. Basically, there was a rejection from the $0.6000 level and the price is now consolidating in a range above $0.5500. On the upside, there is a key connecting bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair. Above the mentioned $0.6000, the next hurdle is near the $0.6140 level.

Ripple Price Technical Analysis XRP USD

In terms of the support, the $0.5500 level holds the key. A push below $0.5500 could ignite further losses and the price may even test the $0.5000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is showing signs of range trading in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is slightly moving higher from the 40 level.

Major Support Level – $0.5500

Major Resistance Level – $0.6000

Charts courtesy – Trading View

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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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Created by industry experts and meticulously reviewed
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