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Ripple Price Technical Analysis – XRP/USD Moving Toward $1.00

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:24 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price moved higher once again and is currently trading above the $0.8000 level against the US Dollar.
  • Yesterday’s highlighted short-term bearish trend line with resistance at $0.7200 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair traded as high $0.9009 and is currently preparing for more gains above $1.00.

Ripple price is surging higher against the US Dollar and Bitcoin. XRP/USD might soon move further higher toward the $1.00 level in the near term.

Ripple Price Upside Move

There was a fresh upside move initiated in Ripple price from the $0.7000 swing low against the US Dollar. The price succeeded in breaking many resistances such as $0.7500 and $0.8000. To start with, there was a break above the 50% Fib retracement level of the last drop from the $0.8400 high to $0.6770 low. It opened the doors for more gains above $0.7500.

More importantly, yesterday’s highlighted short-term bearish trend line with resistance at $0.7200 was broken on the hourly chart of the XRP/USD pair. The pair traded above the $0.8500 level and posted a new high at $0.9009. It seems like the current uptrend is far from over and the price might continue higher above $0.9000. An initial support is around the 23.6% Fib retracement level of the last wave from the $0.6500 low to $0.9009 high. Any major downside move should be limited by the $0.8000 level. Moreover, the 50% Fib retracement level of the last wave from the $0.6500 low to $0.9009 high is at $0.7760 to act as a support.

Ripple Price Technical Analysis XRP USD

On the upside, a break above the $0.9000 handle would call for a test of the $1.00 handle in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed well in the overbought levels.

Major Support Level – $0.7700

Major Resistance Level – $0.9000

 

Charts courtesy – Trading View, Kraken

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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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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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