Ripple Technical Analysis – 6-June-2024

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FxNews—Ripple broke above the 23.6% Fibonacci level at $0.521 and the descending trendline on June 4. The uptick momentum eased after Ripplle tested the $0.532 immediate resistance.

As a result, the XRP/USD declined from the immediate resistance, and as of writing, the price clings to the simple moving average of 50 at approximately $0.521. The XRP/USD 4-hour chart below shows the Fibonacci level, the trendlines, the moving average, and other technical tools utilized in this analysis.

Ripple Technical Analysis - 6-June-2024

Ripple Technical Analysis – 6-June-2024

Ripple Technical Analysis – 6-June-2024

The immediate support is the 23.6% Fibonacci at $0.521, backed by a simple moving average of 50. In addition to the Fibonacci level and the simple moving average, the other key technical indicators indicate a low momentum market but mildly bearish.

XRP/USD Technical Indicators 4-Hour Chart

XRP/USD Technical Indicators 4-Hour Chart

  • The relative strength indicator has returned to the median line, depicting 51, signifying a sideway market.
  • The stochastic oscillator value declines, recording 48 at the time of writing. This means the uptrend that began on June 2 is losing momentum.
  • The awesome oscillator bars are red but above the signal line. This decline in the AO bars indicates the bullish momentum is losing its strength.

Ripple Price Forecast – 6-June-2024

Ripple Price Forecast - 6-June-2024

Ripple Price Forecast – 6-June-2024

According to the technical indicators, the 23.6% immediate support might not hold the current selling pressure. If the XRP/USD price dips below $0.521, the decline from $0.532 could extend to the ascending trendline approximately at $0.51, followed by the June 2 low at $0.507.

Furthermore, if the selling pressure exceeds the ascending trendline, the road to the May 23 low at $0.5 will be paved.

Bullish Scenario

As mentioned earlier, immediate support is at $0.521. The bullish outlook remains valid as long as the XRP/USD price and the SMA 50 are above this level. In this strategy, the immediate resistance at $0.532 could be targeted again, and if the Ripple price exceeds $0.532, the next bullish target could be the $0.540 resistance.

XRP/USD Key Support and Resistance Levels

Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.

  • Support: $0.521 / $0.51 / $0.507
  • Resistance: $0.532 / $0.540

Disclaimer: This technical analysis is for informational purposes only. Past performance is not necessarily indicative of future results. Foreign exchange trading carries significant risks and may not be suitable for all investors. Always conduct your research before making any investment decisions.

  • 6 June 2024