Since the beginning of the month, the Ripple price movement appears to have adopted a bearish trend. The cross-border money transfer crypto-asset plunged from a high of $1.71 to $0.65 on May 23 before recovering to highs of $1.1 on June 3.
Ripple seems to be recovering lost ground from its recent down surge that saw the crypto lose a significant amount of value. Due to the slight recovery, Ripple is exhibiting slight reversal signals in the bearish outlook it has been since the beginning of June. At the time of writing, Ripple is exchanging hands at around $0.86.
During yesterday’s analysis, the market was awash with news of Donald Trump’s skeptical sentiments about cryptocurrency and Bitcoin, likening them to a scam. The former president’s actions not only dented the crypto market but pushed Ripple price action further away from the $1 mark. Fortunately, the cross-border token appears to have managed to recover some of its losses during today’s early morning trading session.
Over the past week, Ripple depreciated by roughly 15 percent despite the promising development regarding the SEC lawsuit and news of increased adoption of its technology. According to new developments, Ripple Labs has requested the court to throw away a report that has come before its floor. According to the report, SEC is accused of taking actions against several other crypto companies before going after Ripple Labs.
According to the 24-hour chart, Ripple’s buying volume has been weak in the market, as highlighted by the OBV’s technical indicator. Additionally, the crypto’s price action appreciated by about 2 percent on Tuesday to partially reverse the 9 percent dip it experienced on Monday. During yesterday’s trading session, Ripple closed the day at around $0.875.
Today’s early morning trading session saw the crypto coin have a choppy start that saw a price reversal to a mid-afternoon intraday low of $0.78 before finding support. On looking at the 24-hour price chart, it is evident Ripple broke down past the 62 percent Fibo retracement level at $0.86 and the first significant support level at around $0.811 before finding support.
Despite the negative price movement, Ripple recovered to settle above the 62 percent Fibonacci retracement level to register a late intraday high of about $0.886. While Ripple currently is yet to retest critical support and resistance levels, the crypto coin appears to be trading sideways.
According to short-term technical indicators, Ripple is currently bearish. For instance, the Relative Strength Index continues to move towards the negative zone on the 4-hour chart. Additionally, the Moving Average Convergence Divergence appears to be heading towards the 0.00 Signal line.
At present, the path with little barriers for Ripple is downwards. Therefore, if the crypto asset gets support at either $0.78 or at $0.8, Ripple bulls can get an opportunity to restart an upward price movement. However, in case of another significant price dip, the crypto asset could find itself settling close to its $0.65 primary support line, attained in May.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on June 9, 2021 12:21 pm
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