Ripple (XRP) has been moving within a set range for the past month, with a smaller range forming over the last two months. Despite showing no signs of breaking out, technical indicators suggest that the cryptocurrency’s price may see a bounce from the $0.514 level. Let’s delve deeper into Ripple!
Bitcoin’s Impact on XRP
The popular altcoin experienced a 14.6% drop on June 7, following a 10% increase from its lowest levels, indicating a potential sudden shift in movement. What lies ahead for investors in this altcoin? Stay tuned to COINTURK FINANCE for the latest financial and business updates.
The two-month range for Ripple ranged from $0.47 to $0.56, with the $0.514 level acting as a support point earlier in the week. However, a drop in Bitcoin’s price on Friday dragged down XRP, leading to a reversal in the short-term structure.
The On-Balance Volume (OBV) has been on a downward trend since April, attempting a recovery in May but ultimately reaching lower levels in recent days. This data highlights the weak buying pressure despite XRP being above the mid-level of its short-term range.
Current Data on XRP
The daily Relative Strength Index (RSI) sits below the neutral 50, indicating a continued downtrend. Coupled with the loss of the psychological $0.5 region, XRP could potentially drop to $0.45. Price action charts and technical indicators also suggest a downtrend, although the liquidation chart hints that investors might consider trading against this trend.
Furthermore, the drop in liquidity to $0.45 in the cryptocurrency market has caused losses for investors. The next significant liquidity cluster is at $0.58, the mid-range of a 10-month span. Therefore, experts in the cryptocurrency field believe that XRP could rise to $0.58 in June before facing another rejection.
For more updates, follow us on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
