Ripple Price Technical Analysis – XRP/USD Could Decline Further

Aayush Jindal

Last Updated: June 11, 2024 1:32 pm

2 mins read

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.

Key Highlights

Ripple price accelerated declined and broke the $0.6000 and $0.5800 support levels against the US dollar.
There is a short-term bearish trend line forming with resistance at $0.5800 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair remains at a risk more losses below the $0.5600 and $0.5500 support levels.

Ripple price is in a bearish trend against the US Dollar and Bitcoin. XRP/USD is struggling to hold ground and it could decline further towards $0.5400.

Ripple Price Bearish Trend

There was no recovery in Ripple price above the $0.6400 and $0.6500 resistance levels against the US Dollar. The price declined further and it broke a major support at $0.6150. It opened the doors for more losses and the price declined below the $0.6000 and $0.5800 support levels. Clearly, the price is in a bearish trend and is currently trading well below the $0.6000 level and the 100 hourly simple moving average.

The recent low was formed at $0.5595 and it seems like the price may even struggle to correct higher. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $0.6561 high to $0.5595 low. There is also a short-term bearish trend line forming with resistance at $0.5800 on the hourly chart of the XRP/USD pair. If buyers succeed in pushing the price above $0.5800, the next resistance is at $0.6000. Moreover, the 50% Fib retracement level of the last decline from the $0.6561 high to $0.5595 low is at $0.6078 to act as the next hurdle.

On the downside, the recent low of $0.5595 remains at a risk. A break below $0.5595 may call for more losses below $0.5500 in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently around the 25 level.

Major Support Level – $0.5500

Major Resistance Level – $0.6000

Charts courtesy – Trading View

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.

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.