There is a lot of talk in the crypto space about Ripple and what we can expect from it. The XRP price came close to $0.41 but was quickly rejected on Friday morning, sliding back to $0.36 by the end of the day, before bouncing back up to 0.38 and holding above that level as we go into Monday’s trading session.
Here are some facts as we head into the weekend:
The XRP/USD is volatile but still well above the fifty-day value of resistance. We keep in mind that there are two-month price cycles to consider, with last week’s spike up to 0.39 giving us a high on May 31, followed by a dip on June 1 and then the spike up to 0.47 this last Thursday morning. While support at $0.36 was met, buyers needed more to push the market through that level before any continuation higher could be seen in the XRP price action chart. At $0.
XRP price hovers near an inflection point
Ripple price analysis on June 1
Taking a look at the XRP/USD chart, we see that the bulls and bears are locked in a battle. The market has come up to within a few cents of $0.41 but has not yet been able to push through that resistance level – again, this being right at the 50-day moving average – so it’s very likely that it will be tested again before any break above $0.41 happens. Keep in mind that while this is a daily chart, we are focusing on monthly price cycles and the two-month cycle ending on May 31 still has another two weeks left in it.
What would a further break above $0.41 provide?
We would have confirmation of the return of XRP price strength to the entire crypto space and the real possibility that it can reach its previous high at $0.47 before any more tests of this month’s support at $0.30 – a level that we expect to be tested again in the near future as well. A break above this month’s high at $0.31 is an important construct for any bulls that are looking for more gains in the XRP price chart moving forward.
For now, however, the $0.30 level is the most important one to watch and the market looks very heavy here. It’s possible that a dip back towards $0.31 will be seen before any continuation higher in the XRP price chart can be expected and this would only provide more bearish sentiment to those interested in shorting more of XRP.
So what’s next?
If you are looking for bullish action, we will have to see buyers break above $0.41, through that previous high at $0.45 and then attempt to hold above the 50-day moving average (blue line). This sets up a trend of $0.47 as the next major resistance level, with a break above this level being key to the previous high and even higher XRP price growth over the longer term.
The bears will be looking for an acceptance of their new forecast, at least for now: that Ripple is now bearish and prices will continue to fall until $0.30 is once again reached as a monthly low value. From there, we could see more support at $0.28 held by sellers, with more support seen at $0.26 before it’s tested again in the XRP/USD chart in July.
Ripple Price
As of this moment, the XRP price is still trading sideways. There is a lot of volatility being seen that could help the price make a move to the upside, or to the downside. One thing we know for sure, however: there is no lack of people watching for this coin to hop on any moves, so if we do see one happen it will be significant.
We are going to need some big trading volume in order for anything major to happen with this coin that could potentially change the way that things are moving in the XRP price chart right now. Because we aren’t seeing a lot of action taking place right now it’s hard to say where things will go from here on out.
