Ripple has been dominating the global market for months. The XRP price has risen dramatically against the USD and has been steadily rising against the BTC over the past few weeks. With the price above the last significant resistance level, an important resistance level at $0.6600, there was no room to move lower. However, the price has since been rejected at $0.6200 as the sellers came out in full force. Ripple is likely to continue to rise against the USD as long as the price stays above the previous support level at $0.6200. It is very likely that the price will continue to rise against the USD and the BTC.
On June 14th, the Ripple price declined with a sharp spike accompanied by a unexpected sell-off. The price soon found support around the $0.6200 level, and hasn’t yet found a way through. This is good news for the bulls, but the price is still very bearish, and the $0.6100 area may be the limit for the Ripple bulls right now. XRP is trading at $0.5116 at the time of writing, which is down 0.25% on the day.Summary of the situation
- Ripple’s share price is expected to rise after the recent failure of
- The next support level is at $0.600.
- XRP sees resistance at 0.6250
Earlier in the day, Ripple was deflected to $0.6250 and the price action has continued to decline since then. The price is currently holding above the $0.6000 support level, but strong selling pressure points to a further decline.
The broad crypto-currency market has seen negative sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. These include Bitcoin and Ethereum, which fell 2.11% and 2.61% respectively.
Technical indicators for XRP/USDT: Bears dominate markets
Technical indicators for XRP/USDT from Tradingview
As for the technical indicators, the MACD reversed yesterday, albeit briefly, when Ripple’s price action diverged from the $0.6200 level. The indicator quickly showed a bearish cross as price dropped to the $0.600 level, where it stands today. As for the EMAs, the 12-EMA diverges from the 26-EMA as selling pressure builds. The 12-EMA descends steeply, while the 26-EMA moves horizontally.
The RSI is currently neutral and has been for some time, while the price action is showing a steady decline. The neutral position shows weak momentum on both sides of the market, with trading volume remaining low. The indicator is currently at 40.42 and is moving lower as the selling continues. However, it is still possible that a decline comes before the indicator gives a buy signal.
The Bollinger Bands are currently wide, but are showing convergence as price returns to the $0.600 level. The reversal of the short-term trend occurred at the indicator’s midline, which acts as resistance for Ripple’s price action. Currently, the indicator shows lower price volatility while XRP continues to decline.
Overall, the technical analysis on the 4-hour chart gives a strong sell signal, indicating the dominance of the bearish trend at the current price level. The analysis shows that 16 out of 26 key technical indicators support the downward movement of the Ripple price. On the other hand, only one indicator shows a bullish presence at current levels. Meanwhile, the other nine indicators remain on the sidelines, giving no signals to support one side of the market or the other.
The 24-hour technical analysis shares this view and gives a sell signal, with a negative outlook for Ripple’s price action on the medium-term charts. The analysis shows that 14 indicators point to a further collapse in the price of Ripple, while only two indicators point to an upward price movement. Ten indicators remain neutral at the time of writing.
What can we expect from the Ripple exchange rate?
price chart over 4 hours from Tradingview.
Traders should expect the price of Ripple to fall further if XRP returns to the $0.600 support level. The increase in selling pressure points to a breakout towards the $0.500 level. The short-term technical indicators show weak selling pressure, while the medium-term analysis shows a strong bearish bias following the price action of this asset.
Conversely, XRP will move back towards $0.6200 as buyers push back against $0.600 support. However, due to strong selling pressure and weak upside momentum, further upside action is unlikely and price action will stop at this price level.
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