Ripple (XRP) Price Analysis – June 24
Against Dollar, The past few days have been positive for the XRP market as the cryptocurrency saw a significant price increase which led the market to a monthly high of $0.52. Meanwhile, the XRP market has been significantly bearish against Bitcoin for over weeks. In overall, the markets have dropped by 3% in the last 24-hours.
Resistance levels: $0.5, $0.52
Support levels: $0.44, $0.42
From $0.37, XRP made a significant rebound which paced the market on a slow upward movement the past fifteen days of trading to the $0.52 level, allowing the bulls to gain control of the market. The cryptocurrency is currently priced around $0.46. Additionally, the last 24-hours trading has led the market near $0.44. The next upward movement is likely at $0.5 and $0.52 resistance levels.
However, if the bears gain control of the market, the nearest key support lies at $0.42 and $0.44.
Looking at the 4-hours Stochastic RSI, Ripple’s XRP is currently trading at the oversold level. Inversely, the 4-hours MACD remains at the positive area, which signals a more bullish scenario for the market.
Despite the recent bull-run in the market, Ripple’s XRP market has been moving in the opposite direction of the market, against Bitcoin. The bearish scenario has remained dominant in a channel boundary as the sellers continue to release pressure in the market. While maintaining a descending channel pattern since June 7, XRP bulls are yet to show a strong buying pressure above the channel range.
If the bulls can manage to break out of the channel, that could throw a bullish signal for the cryptocurrency. However, the key resistance for such move lies at 4500SAT and 4700SAT.
The 4-hours MACD has entered the bearish area due to the ongoing selling pressure in the market. If the sellers continue to hold their positions, XRP may slump to 4100SAT support and below. As of now, the market is testing the 50 level of the 4-hours Stochastic RSI. A break low could slip the market to the oversold region.
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