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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Ripple (XRP) Is Plunging and it’s Vulnerable For A Bigger Decline

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:47 pm
2 mins read
Ripple XRP

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Ripple failed to stay above the $0.1900 support and declined sharply against the US Dollar. XRP price remains at a risk of more losses below the $0.1800 support area

  • Ripple price is down more than 2% and it settled below the $0.1880 level against the US dollar.
  • A new weekly low is formed near $0.1812 and the price is now well below the 100 hourly simple moving average.
  • There was a break below a major ascending channel with support near $0.1900 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct higher in the short term, but upsides are likely to remain capped near $0.1880.

Ripple Price Gaining Bearish Momentum

After breaking the $0.1920 resistance, ripple made an attempt to surpass the $0.1980 resistance area, but it failed. XRP price traded as high as $0.1966 and recently started a sharp decline.

It broke the key $0.1900 support level to move into a bearish zone. The bears were able to push the price below the $0.1880 pivot and the 100 hourly simple moving average.

More importantly, there was a break below a major ascending channel with support near $0.1900 on the hourly chart of the XRP/USD pair. The pair even broke the last swing low near $0.1820 and traded to a new weekly low at $0.1812.

Ripple Price
Ripple Price

Ripple is currently consolidating losses above the $0.1812 low. An initial resistance is near the $0.1850 level. It is close to the 23.6% Fib retracement level of the recent decline from the $0.1966 high to $0.1812 low.

The first major resistance is near the $0.1880 level, followed by $0.1900. A successful close above the $0.1900 level might lead the price towards the 100 hourly simple moving average. Any further gains might increase the chances of an upside break above the $0.2000 resistance.

More Losses

On the downside, an initial support is near the $0.1810 and $0.1800 levels. If ripple fails to recover above the $0.1850 and $0.1880 resistance levels, it could continue to move down.

A clear break below the $0.1800 support area may perhaps lead the price towards the $0.1720 and $0.1680 support levels in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level.

Major Support Levels – $0.1810, $0.1800 and $0.1720.

Major Resistance Levels – $0.1850, $0.1880 and $0.1900.

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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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