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Ripple Price Technical Analysis – Can XRP/USD Hold $1.00?

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 after an upside move faced a strong resistance at $1.1500 against the US dollar.
  • There was a break below a connecting bullish trend line with support at $1.0800 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair is currently holding the $1.00 support, but it is struggling to move higher.

Ripple price made a downside move recently against the US Dollar and Bitcoin. XRP/USD must stay above the $1.0000 support area to avoid further declines.

Ripple Price Resistance

There was a substantial recovery above $1.10 this past week in Ripple price against the US Dollar. The price traded above the $1.12 and $1.14 level, but it could not break the $1.15 resistance. It formed a high at $1.1508 and later started a downside move. It declined and broke the $1.10 support area to settle below the 100 hourly simple moving average.

During the downside, there was a break below a connecting bullish trend line with support at $1.0800 on the hourly chart of the XRP/USD pair. However, the downside move was protected by the $1.0000 support. A low was formed at $1.0055 before the price started an upside correction. It traded above the 23.6% Fib retracement level of the last decline from the 1.1508 high to $1.0055 low. However, the upside move was protected by the $1.06 level and the 100 hourly SMA. On the upside, there is a bearish trend line with resistance at $1.0700 on the same chart.

Ripple Price Technical Analysis XRP USD

Therefore, an upside move above $1.06 and $1.07 won’t be easy. On the downside, the pair must hold the $1.00 support level to avoid further declines. Below $1.00, the price may decline towards $0.8500 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.

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

Major Support Level – $1.0000

Major Resistance Level – $1.0700

 

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.

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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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Comments 3

  1. SuperShirtGuy says:
    8 years ago

    More ups and down than a rabbit being chased around a snow field.

    Reply
    • Trance Collection says:
      8 years ago

      lol. I suppose you are involved. for me, XRP represents one of the most uninspired investment, bought it around 20000 sats, despite it partnered up with dozens of big names nothing spectacular happens so definitely not a midterm asset to invest in

      Reply
      • SuperShirtGuy says:
        8 years ago

        I bought in at 80 cents as a hedge. I am not in very deep.

        Reply

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Comments 3

  1. SuperShirtGuy says:
    8 years ago

    More ups and down than a rabbit being chased around a snow field.

    Reply
    • Trance Collection says:
      8 years ago

      lol. I suppose you are involved. for me, XRP represents one of the most uninspired investment, bought it around 20000 sats, despite it partnered up with dozens of big names nothing spectacular happens so definitely not a midterm asset to invest in

      Reply
      • SuperShirtGuy says:
        8 years ago

        I bought in at 80 cents as a hedge. I am not in very deep.

        Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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