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XRP Price Analysis: On June 14th, the XRP price witnessed significant outflow and gave a bearish breakdown from the $0.487 local support. Though the breakdown was supposed to intensify the selling pressure among traders, the price found immediate footing at the long-coming support trendline. This dynamic support has maintained an uptrend in this coin over the past three months, offering a dip opportunity to traders.
Also Read: London Basketball Club Lends Support to DOGE and XRP
XRP Price Daily Chart:
- The lower price rejection candles at the support trendline reflect increased demand pressure for the XRP price.
- A potential breakout above $0.487 resistance could kickstart a new recovery cycle
- The intraday trading volume in the XRP is $07.5 Million, indicating a 40% loss.
By the press time, the XRP price trades at the $0.47 mark and wobbles in a narrow range created between the ascending trendline and the recently breached $0.487 support. The coin price has been wobbling in this range for the past three days and showcased uncertainty among traders with several short-bodied candles.
If the market sentiment shows no improvement in the coming days, the XRP price is likely to prolong its consolation for a few more days. Thus, the aforementioned range can be marketed as a no-trading zone for newcomers.
Considering a bullish outlook, the breakout above the $0.487 resistance with daily candle closing will give additional confirmation for price reversal. Thus, a potential recovery initiated from the bottom trend could assist buyers to rechallenge the $0.55 mark, indicating a growth opportunity of 14%
Will XRP Price Lose the $0.45 Mark?
For market buyers, the ascending trendline stands as a crucial support that sustains their bullish outlook. However, with the current negative sentiment, the possibility of trendline breakdown is not completely off the chart. Considering a pessimistic situation, a breakdown below the lower trendline will accelerate the selling pressure and can plunge the XRP price below $0.42
- Fibonacci Retracement level: The ongoing correction in XRP price stayed above the 50% FIB level indicating the overall market trend is bullish.
- Bollinger Band: The upswing slope of the lower band of the Bollinger band indicator can offer significant support.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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