 ▲ Ripple (XRP) |
Last night, Ripple (XRP) temporarily rose above the $0.5 level, but the trend did not last long. However, $0.5 still serves as the main resistance level, and concerns about weakness have not completely disappeared.
FX Street, a news platform specializing in virtual assets, reported that a bearish pattern characterized by a downward rising trend line was formed on the Ripple chart. Ripple reached an upward trend line several times between May 25 and June 6. Between May 25 and June 10, the downward trend line of $0.4917 served as support.
On the daily chart, a bearish signal was detected as the moving average divergence index (MACD) recorded below the neutral line. The relative strength index (RSI) was observed to be 39.53, falling to a level closer to 30, which is the oversold area.
Currently, Ripple has formed a support line at $0.4717, which is the 23.6% Fibonacci retracement line from the high on April 9 ($0.6431) to the low on April 13 ($0.4188), and the downward target is about 10% lower than the low on June 7. It is $0.4508.
FX Leaders, a media specializing in blockchain, predicted that the bears would expand their influence in the short term, neutralizing the price recovery attempts made by the Ripple bulls throughout the weekend. The media believed that if it does not reach $0.55, $0.46, the bottom of Ripple's support range, will be the point where important price movements will occur.
CryptoPotato, a cryptocurrency media outlet, paid attention to analyst Matthew Dixon's forecast. He predicted that Ripple is in the midst of a price adjustment phase and will fall further for a short period of time before rising further.
Dixon predicted that the U.S. Consumer Price Index (CPI) data to be released this week will accelerate price declines. However, with the interest rate cut, investors will be rewarded from the recorded decline in Ripple due to the impact of CPI, he added.
Jason A. Williams, a famous cryptocurrency investor and author of 'Bitcoin: Hard Money You Can't F*ck With', predicted that Ripple will fall to $0.27 in the next bull cycle. On the other hand, he predicted that Bitcoin (BTC) and Ethereum (ETH) would soar to $330,000 and $12,000, respectively, in the next bull cycle.
