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Breaking News: Zcash Foundation Investigation Closed: SEC Decision Sparks 12% Jump In ZEC Price

Ripple Price Technical Analysis – XRP/USD is Facing Uphill Task

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:23 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price declined below the $0.9500 support area yesterday against the US dollar.
  • There are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair is currently correcting higher, but it is likely to face a lot of sellers on the upside near 0.9500.

Ripple price declined further during the past few hours against the US Dollar and Bitcoin. XRP/USD is currently recovering, but upsides are likely to be capped.

Ripple Price Resistance

There was no respite for buyers as Ripple price declined further below $0.9800 against the US Dollar. The price traded lower and even broke the $0.9500 support level. It was under a lot of pressure, which resulted in a push below $0.9000. A low was formed near $0.8817 from where the price started an upside correction above the $0.9000 level.

It is currently testing the 23.6% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low. There are many hurdles on the upside for buyers starting with $0.9500. Moreover, there are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair. The second trend line resistance is very important since is it close to $1.00 and the 100 hourly simple moving average. Furthermore, the 50% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low is at $0.9815 to prevent upsides.

Ripple Price Technical Analysis XRP USD

Therefore, if the price corrects higher from the current levels, then it could face sellers near $0.9600 and $0.9800. On the downside, the $0.9000 level is a major support followed by $0.8800.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently reducing its bearish slope.

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

Major Support Level – $0.9000

Major Resistance Level – $0.9800

 

Charts courtesy – SimpleFX

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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.

Read more

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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  1. Katherine L. Coleman says:
    8 years ago

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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