Ripple (XRP) Price Analysis – June 17
Following the recent bullish move, XRP markets have witnessed a 3.88% growth under 24-hours trading, which amounts to the current price at $0.432. The past few day price increase has suggested that the bull has assumed control of the market. Against Bitcoin, XRP price has remained significantly low over the past 10 days trading.
Resistance levels: $0.46, $0.48
Support levels: $0.41, $0.39
Ripple’s XRP followed an upward move after breaking above the descending triangle last week.
Yesterday, the third biggest cryptocurrency marked price around the $0.445 high as it now trades at around $0.433. However, the XRP market needs to retrace to the break area of $0.41 and $0.39 supports before a proper bullish move.
Now, we can see that the 4-hours Stochastic RSI has signaled a bearish cross as the market heads toward oversold level. Should the market furthers the high pressure, the bulls may look for close resistance at t$0.46 and $0.48. The RSI is approaching the overbought region as there’s still room for a more positive move. As XRP remains stable, the next move may follow a bearish retracement.
For the past 10 days, XRP maintained trading within a descending channel pattern after dropping from the 5500SAT to the current low at 4500SATon Sunday. As of now, we can say that Ripple’s XRP is following a bearish sentiment on the medium-term perspective. The downward rally was revealed on the 4-hours RSI as the market meets resistance at the 50 level.
The cryptocurrency is testing the upper channel as revealed at the overbought territory of the 4-hours Stochastic RSI – a possible decline may occur in the market. Selling pressure is likely at the 4500SAT and 4400SAT supports. On the other hand, a channel breaks up could further buying pressure to 4900SAT and 5000SAT resistance. At the moment, the XRP market is respecting the descending channel formation.
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