08 Jun Ripple Price Analysis: Fakeout or a Possible Rally for XRP After Reclaiming $0.4?
Ripple is going through a sideways trend in line with the entire crypto market. Currently, the trading volume is low, and there is no reliable bullish sign in the price action.
The Daily Chart
On the daily timeframe, XRP is trading on the horizontal support at $0.33 (in blue). The ongoing sharp drop stopped on May 12, right at the intersection of the descending line (in yellow) and the static support. Since then, the cryptocurrency has been in a sideways trend.
Looking at the “Momentum 30D” indicator, the blue index in the bearish zone (red box) confirms the unfavorable market structure. Historical records show that if this index moves above the baseline (zero), the bearish momentum usually begins to diminish. In other words, this signal means that the bears have temporarily retreated. If that’s the case, and if the bulls can push the price above the horizontal resistance at $0.46 (in white), then one can expect a short-term rally.
Key Support Levels: $0.33 & $0.24
Key Resistance Levels: $0.46 & $0.55
The XRP/BTC chart
Against Bitcoin, the horizontal support at 1250 Sats (in green) has so far prevented further price drops. However, the bears have not yet allowed XRP to break above the dynamic resistance barrier (in white) and form a higher high (in yellow).
If bears fail to defend this level, the horizontal resistance at 1550 Sats (in red) will be the next challenge for the bulls. The price action against BTC seems to be more difficult compared to USD. The structure is biased towards bearish, and if this continues, the support at 1250 Sats will likely be lost.
Key Support Levels: 1250 Sats & 1100 Sats
Key Resistance Levels: 1550 Sats & 1700 Sats
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