Ripple (XRP) Price Analysis – June 18
The XRP value has appreciated by 5% in the past two days positive trading as the bulls seemed to be dominant. After establishing a significant resistance, the crypto-asset has pulled back a bit to regain bullish moment. If the bulls are unable to sustain pressure higher, we may see a short bearish move. However, the market still looks bullish at the moment.
Resistance levels: $0.46, $0.48, $0.5
Support levels: $0.42, $0.4, $0.38
XRP/USD pair has projected a significant price increase above the $0.4 which has led the market to the trading price of $0.437 as of the time of writing. Interestingly, it has been a week trading now as the second largest cryptocurrency continues the slow climb, showing a gradual bullish move. The recent change in price was revealed on the 4-hours MACD which reflects the bullish scenario.
Currently, the market has pulled back to the oversold area on the 4-hours Stochastic RSI as selling pressure nears the $0.42 support, where the yellow line is drawn. At this support, a break down could send the market to the $0.4 and $0.38 supports. If the bulls engage in the contest, XRP price may spike to $0.46, $0.48 and $0.5 resistance.
Over the past ten days, XRP/BTC pair was following a bearish scenario as the market record the weekly low around 4500SAT which has now become a support for the market. Yesterday, the XRP market witnessed a surge above the descending channel to 5000SAT, which is now retracing back to the upper channel.
Forming new higher highs and higher lows, the next upward move is likely at the 5000SAT and above. Looking at the bearish signal on the 4-hours Stochastic RSI, the market may further fall to the 4600SAT and 4500SAT as trading may resume back in the channel. As suggested on the MACD, the XRP market is slowly rising as we may see a break up soon.
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