XRP price entered into an uptrend during the middle of May, rising from the support level of $0.42 in order to retest the annual high of $0.5850. The annual high was formed in the month of March after which price entered into a corrective phase. The uptrend was halted at the resistance level of $0.54. The cryptocurrency price consolidated between the range of $0.5050 and $0.54 during the start of June.
On June 13, the candle managed to break above the resistance level but due to active participation of bears at the $0.5658 level, the price was pushed back below $0.54. The rejection ignited bearish momentum and the price finally did break out below the $0.5050 level on June 14. It is evident that bears do not want prices to rise above $0.50. The price melted down to form support at $0.4750 and tried to rise above $0.50 but did not succeed.
Currently, the price is hovering near the support level of $0.4750. If bears can push price below the recent support, there is a possibility that price might head toward $0.45. As Bitcoin and Ethereum are facing resistance, the altcoins are also turning slightly bearish.
If the cryptocurrency’s price stabilizes above the support and gains enough bullish momentum to shatter the resistance level of $0.5050, there is high probability for the price to head toward $0.54 and recover losses occurred in June.
Overall outlook of XRP shows that it is stuck in a wide range consolidation zone ranging between $0.42 and $0.54. If a break of $0.45 happens, the next price resides at the $0.42 level.
Will XRP Price Stay Above the $0.475 level?
The cryptocurrency’s price has fallen below the 20 and 50-Day EMAs, indicating rising bearish momentum, but it still trades above 100 and 200-day EMAs. The Chaikin money flow score is 0.11 suggesting that there is still strength left in the market. Relative strength index (RSI) trades at 43.61, implying that price is slowly entering into a downtrend.
XRP price faced resistance from the 20-day SMA of Bollinger bands and is currently headed toward the lower band of bollinger which resides near the $0.46 level. The long/short ratio is 1.05 with 51.3% longs and 48.7% shorts, suggesting that buyers are active at the support level of $0.475 in last 24 hours.
Conclusion
The market structure and price action of XRP has turned bearish after the break of the $0.50 level. The price has reached near the support level and if a candle can close below recent support, it might provide confirmation regarding a move toward $0.45.
Technical levels
Major support: $0.45 and $0.42
Major resistance: $0.50 and $0.54
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
Source: https://www.thecoinrepublic.com/2023/06/27/xrp-price-prediction-xrp-consolidates-near-the-0-50-level/