Is $0.60 Next Target For XRP Price?

In May, XRP price started to rise by forming higher lows after arriving at the support level of $0.42 in the hopes of retesting the annual high.The price failed to surpass the $0.54 level, ultimately facing significant resistance and experiencing a pronounced rejection when reaching the $0.5658 mark. The support level was established at $0.5050 and managed to stay above it until the middle of June. On June 14, XRP price finally gained enough bearish momentum to wreck the support level of $0.5050.

After melting down, price formed support at $0.4750 and gained bullish momentum. XRP price has been bullish for the last three consecutive days but the current candle has turned bearish. XRP price received rejection from $0.50 and for rising further upwards, it needs to break and close above the resistance level of $0.505.

If bulls can push price above the $0.505 level and the price gains bullish momentum, there is high probability for the price to fill the upper wick of the 13 June candle and to rise toward the annual high. On the other hand, If bears take control and push the price below the support level of $0.4750, there is a possibility for the price to fall downwards to $0.45.

XRP Network Daily Active Addresses Surges

XRP network has improved underlying network value this week. From June 14 to June 19, XRP’s daily active addresses have nearly doubled from 104,250 to 193,700, representing a growth of 85% in the network demand in less than one week. This indicates a fast approaching and more organic price rebound than a speculatio- driven one. The growth in the underlying network demand shows that bullish whales might target $0.60.

Will XRP Price Rise Above the $0.50 Level?

XRP price currently trades above the 50,100 and 200-day EMAs, indicating bullish momentum, but it is still receiving rejection from the 20-day EMA. The Chaikin money flow score is 0.10, suggesting strength in the market even after a corrective phase. RSI nosedives below the 50 mark after touching the overbought zone.

RSI is currently trading at 47.46, indicating that price is in neutral territory facing the same pressure from bulls as well as bears and it might enter into the consolidation zone below $0.50. The long/short ratio is 0.93 with 48.29% longs and 51.71% shorts in the last 24 hours, indicating a rising selling pressure due to XRP’s price.

Conclusion

The market structure and price action of XRP is currently bullish, but the current candle has turned bearish after receiving rejection from $0.50. There is also a possibility of consolidation below $0.50. The technical parameters are providing mixed signals and for any bullish confirmation, it needs to break and close above $0.50.

Technical levels

Major support: $0.4750 and $0.45

Major resistance: $0.5050 and $0.5440

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing