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Breaking News: Ripple Throws Weight Behind Hyperliquid, Fueling HYPE’s Rally Toward Crucial Levels
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Breaking News: Ripple Throws Weight Behind Hyperliquid, Fueling HYPE’s Rally Toward Crucial Levels

Ripple Price Weekly Analysis: XRP Likely Preparing For Next Upside Break

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:38 pm
2 mins read
technical analysis ripple

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  • Ripple price tested the $0.3400 resistance area on a few occasions against the US dollar.
  • The price failed to break the $0.3380-0.3400 resistance and declined below $0.3200.
  • There is a crucial contracting triangle formed with resistance at $0.3140 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could dip to test the $0.3050 support area before it could break to the upside above $0.3150.

Ripple price seems to be preparing for the next bullish break against the US Dollar and bitcoin. XRP/USD could rally once it breaks the $0.3150 resistance area in the near term.

Ripple Price Analysis

This past week, we saw a nasty upward move in ripple price above the $0.3200 resistance against the US Dollar. The XRP/USD pair rally was triggered by the Coinbase Pro listing, but it faced a strong resistance near $0.3400. There were a few moves, with intermediate lows near $0.3150, but the price failed to clear $0.3400. There were most than two attempts to break the $0.3380-0.3400 resistance. As a result, there was a sharp decline and the price broke the $0.3250 and $0.3200 support levels.

The last swing low was formed at $0.2984 and the price later recovered above $0.3050. There was a break above the 50% Fib retracement level of the last decline from the $0.3391 high to $.2984 low. The price even spiked above the $0.3180 resistance and the 100 simple moving average (4-hours). Having said that, sellers defended the $0.3230 level and prevented further gains. The 61.8% Fib retracement level of the last decline from the $0.3391 high to $.2984 low also acted as a resistance.

At the moment, there is a crucial contracting triangle formed with resistance at $0.3140 on the 4-hours chart of the XRP/USD pair. The pair seems to be currently in the 5th wave, which could complete anywhere near the $0.3050 level. As long as the price is trading above the $0.3050 and $0.3000 support levels, there is a risk of an upside break. A close above the $0.3150 resistance could trigger bullish moves towards $0.3230 and $0.3300.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price has formed a solid support above $0.2950 and $0.3000. Therefore, there are high chances of an upside break above $0.3150 and $0.3180. Besides, bitcoin and Ethereum may also follow XRP if buyers gain pace above the $0.3150 resistance level in the near term.

Technical Indicators

4 hours MACD – The MACD for XRP/USD is slightly placed in the bearish zone, but it could move back in the positive zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.

Major Support Level – $0.3000

Major Resistance Level – $0.3150

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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

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