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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains
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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains

XRP Price Turns Red Again: What’s Next for the Crypto?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 10:21 am
2 mins read

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XRP price started a fresh decline after it failed near $0.5570. The price is now correcting gains and might decline heavily if it breaks the 100-hourly SMA.

  • XRP struggled near the $0.5570 zone and trimmed gains.
  • The price is now trading below $0.5350 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $0.5320 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must stay above the 100-hourly SMA to avoid a sharp decline.

XRP Price Dips Again

After a steady increase, XRP price faced resistance near $0.5570. The price formed a short-term top and started a fresh decline from $0.5571, like Bitcoin and Ethereum.

There was a move below the $0.5420 level. The price dipped below the 50% Fib retracement level of the upward move from the $0.5065 swing low to the $0.5571 high. The price even spiked below the $0.5250 support and the 100-hourly Simple Moving Average.

However, the bulls are protecting the 61.8% Fib retracement level of the upward move from the $0.5065 swing low to the $0.5571 high. It is now trading above $0.5250 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $0.5310 level. There is also a connecting bearish trend line forming with resistance at $0.5320 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5350. A close above the $0.5350 resistance zone could send the price higher.

XRP Price
Source: XRPUSD on TradingView.com

The next key resistance is near $0.5450. If the bulls push the price above the $0.5450 resistance level, there could be a steady increase toward the $0.5570 resistance. Any more gains might send the price toward the $0.5650 resistance.

More Downsides?

If XRP fails to clear the $0.5350 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5250 level and the 100 hourly SMA.

The next major support is at $0.5185. If there is a downside break and a close below the $0.5185 level, the price might gain bearish momentum. In the stated case, the price could decline and test the $0.5065 support in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

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

Major Support Levels – $0.5250 and $0.5185.

Major Resistance Levels – $0.5350 and $0.5450.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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