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Breaking News: Trump Media Set to Issue Non-Transferable Crypto Tokens, Cutoff Date February 2

This Confluence Of Bullish Factors Shows Ripple (XRP) Could Rally To $0.212

Aayush Jindal
Aayush Jindal
Last Updated: June 12, 2024 9:20 am
2 mins read
Ripple

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Ripple is up more than 5% and it settled nicely above the $0.2000 pivot level against the US Dollar. XRP price is currently rising and it could continue to rise towards $0.2120.

  • Ripple is slowly gaining bullish momentum above the $0.2000 resistance against the US dollar.
  • The price is trading in a positive zone above $0.2020 and the 100 hourly SMA.
  • There is a rising channel forming with resistance near $0.2065 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another rally if there is a successful close above the $0.2065 resistance.

Ripple Price Could Extend Rally Above $0.2100

After consolidating above the $0.1820 support for a few sessions, ripple started a strong rally. XRP price broke many resistances near $0.1920 and $0.1950 to move into a positive zone.

There was also a close above the main $0.2000 resistance. The price traded to a new monthly high at $0.2064 and it is currently trading well above the 100 hourly simple moving average. Recently, there was a downside correction, but the bulls protected the $0.2000 support area.

The recent swing low was near $0.1978 and high at $0.2064. An initial support is near the $0.2020 level. It is close to the 50% Fib retracement level of the upward move from the $0.1978 swing low to $0.2064 high.

Ripple Price

XRP price settles above $0.2000. Source: TradingView.com

It seems like there is a rising channel forming with resistance near $0.2065 on the hourly chart of the XRP/USD pair. If there is an upside break above the $0.2065 resistance zone, the price could continue to rise. The next key resistance is near $0.2100, followed by the $0.2120 barrier.

Any further gains above $0.2120 could open the doors for a larger upward move above the $0.2150 and $0.2185 levels in the coming sessions.

Dips Supported in XRP

If ripple price starts a downside correction below $0.2020, it could find support near the $0.2000 level and the channel lower trend line.

A successful daily close below the $0.2000 support level might clear the path for a large degree correction. The next major support is near the $0.1890 level and the 100 hourly SMA.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising and it is above the 60 level.

Major Support Levels – $0.2020, $0.2000 and $0.1980.

Major Resistance Levels – $0.2065, $0.2120 and $0.2150.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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
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