Ripple (XRP) has been confined to a specific trading range for the past month, showing no signs of breaking out despite forming a smaller range over the last two months. Technical indicators are pointing towards a possible price bounce from the $0.514 level. Let’s delve deeper into the world of Ripple!
Bitcoin’s Impact on XRP
XRP experienced a 14.6% drop on June 7, following a 10% increase from its lowest levels, hinting at a potential sudden shift. What lies ahead for this popular altcoin? Stay updated with the latest financial and business news by visiting COINTURK FINANCE.
The two-month trading range for XRP ranged from $0.47 to $0.56, with the $0.514 level acting as a support before being pulled down by Bitcoin’s drop on Friday. The OBV trend has been on a decline since April, indicating weak buying pressure despite XRP being above the mid-level of the short-term range.
Current Data on XRP
The daily relative strength index (RSI) remains below the neutral 50, suggesting a continued downtrend for XRP. Coupled with the loss of the $0.5 region, the price could potentially drop to $0.45. Technical indicators and price action charts are signaling a downtrend, although the liquidation chart might indicate a desire for investors to go against this trend.
Furthermore, a drop in liquidity to $0.45 has resulted in investor losses for the cryptocurrency. The next significant liquidity cluster lies at $0.58, the mid-range of a 10-month range. Cryptocurrency experts predict that XRP could rise to $0.58 in June before facing another rejection.
For more updates, follow us on Telegram, Facebook, Twitter, and Coinmarketcap. Please note that the information provided in this article should not be considered as investment advice. Cryptocurrencies are highly volatile and risky, and investors are advised to conduct their own research before making any decisions.
