- XRP crossed demand zone as price trades below the $0.36 level
- The price of XRP has slightly seen a little rise against Bitcoin
- The market has fallen by 8.95% over the past 24-hours of trading
After marking the $0.51 high, Ripple’s XRP price has remained a sharp decline over the past two weeks of trading and bringing the market to a 40% loss during the course of trading. As of now, XRP is falling as more price drop can be expected if the bulls fail to show strong commitment.
Ripple’s Current Statistics
Trading Price: $0.35
Market Capitalization: $15,259,562,170
Trading Volume: $2,195,438,138
Key Resistance Levels: $0.37, $0.4, $0.425, $0.47
Key Support Levels: $0.33, $0.31, $0.3, $0.283
Ripple price analysis June 10, 2019, as the day approaches to end
Since XRP broke up the $0.38353 level on May 14, a bullish flag pattern was formed, and the price action trades within a channel boundary. But as of now, the XRP/USD pair has seen a notable break below the channel boundary. Following the latest red surge, trading simultaneously beached beneath the $0.383 – $0.36 support zones (marked in purple on the daily chart).
As the bearish scenario becomes uglier, the price is rapidly dropping as it may bolster on the yellow falling trend line (shown in the chart below) if the selling pressure remains enormous. However, if the daily candle can close in the demand zone for Ripple’s XRP, the market may find a level for a reversal. But as it appeared now, the sellers are nicely gaining control at the moment.
For a bullish reversal, we need to see a clear break above the demand zone at the$0.37 resistance before we can consider other critical levels at the $0.4, $0.425 and $0.47 respectively.
Looking at Ripple’s XRP volume on the daily price chart, we can see that it’s low. If the trading volume further decreases, the price of Ripple coin may drop to as low as $0.283 after breaking the key supports of $0.33, $0.31 and $0.3 in a subsequent rally. This could drastically roll back the XRP market to the December 2018 low.
Conclusively:
If the XRP bulls can manage to power the market back above the demand zone, we may see a remarkable price growth to the potential resistance mentioned above. Otherwise, a break continuation could bring the price action to further severe selling pressure. Again, we need to see an increased trading volume for a positive move in the market.
Technical Indicator Reading
The RSI for Ripple’s XRP has recently revealed a cross-under the 50 level, now lying near the oversold level. If it breaks down, the market may fall to the oversold condition.
The Stochastic daily RSI just crossover the 30 level, but as it appears now, the pressure seems to be fading back. A clear bullish crossover signal could bring a price explosion for XRP.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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