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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ripple (XRP) Price Trading Near Make-or-Break Support Zone

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:44 pm
2 mins read
technical analysis ripple

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  • Ripple price started a short term downside correction after trading towards $0.4100 against the US dollar.
  • The price declined below the $0.4000 support and recently tested the $0.3940 support area.
  • There is a key bullish trend line forming with support near $0.3945 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could either break the $0.3940 support and extend losses or start a fresh increase.

Ripple price is currently trading near key support levels against the US Dollar, similar to bitcoin. XRP is likely to extend losses if the bulls fail to keep the price above $0.3940.

Ripple Price Analysis

After forming a support base near the $0.3840, ripple price started an upward move against the US Dollar. The XRP/USD pair gained bullish momentum and broke the $0.3940 and $0.4000 resistance levels. There was also a close above the $0.4000 level and the 100 hourly simple moving average. The price even broke the $0.4100 level and formed a swing high at $0.4108.

Recently, the price started a downside correction below the $0.4050 support. There was a break below the 50% Fib retracement level of the recent wave from the $0.3833 low to $0.4108 high. Ripple price even broke the $0.4000 support area. However, the decline was protected by the $0.3940 support area. Moreover, there is a key bullish trend line forming with support near $0.3945 on the hourly chart of the XRP/USD pair.

The 61.8% Fib retracement level of the recent wave from the $0.3833 low to $0.4108 high is also acting as a strong support for the bulls. It seems like the price is forming a breakout pattern near $0.3940. It could either start a fresh increase above $0.4000 or decline further below $0.3940. If there is a downside break, the price could even break the $0.3900 support area. The next key support is near the $0.3840 level.

Conversely, if the price stays above $0.3940, there could be a decent upward move. An immediate resistance is near $0.4000, above which the price might trade towards $0.4050 or even $0.4100. If there are more gains, the next stop for the bulls may be near the $0.4220 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently trading near an important support at $0.3940. If it stays above $0.3940, there could be a fresh increase. If not, there is a risk of more losses below $0.3900 and $0.3880.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 40 level, with a bearish angle.

Major Support Levels – $0.3940, $0.3880 and $0.3840.

Major Resistance Levels – $0.4000, $0.4050 and $0.4100.

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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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