XRP Daily Price Analysis, June 7

Ripple has seen a well-received rebound over the past 24 hours of trading, allowing the price to climb above the $0.42 level once again. Ripple has been remarkably resilient during the recent cryptocurrency price drops falling by a total of only 1% over the past 7 trading days.

Ripple is now on the road to break above the resistance around $0.48 to create a fresh 2019 high after the cryptocurrency surged by a total of 40% over the past 30 days of trading.

Source: CoinCheckup

The cryptocurrency remains ranked in 3rd position amongst the top cryptocurrencies by market cap, as it currently holds a $17.74 billion market cap value. However, if Ripple manages to break above the resistance at $0.48, the cryptocurrency could surge much higher and eventually claim Ethereum’s 2nd-ranked position.

Let us continue and take a look at the XRP/USD market and highlight some potential areas of resistance moving forward.

Ripple Price Analysis


What Has Been Going On?

We can see that during the recent cryptocurrency turnaround, when Bitcoin dropped from above $9,000 to below $8,000, Ripple dropped into support at the $0.3790 level where the rebound occurred. This level of support was provided by a short-term .5 Fibonacci Retracement level (drawn in red).

After rebounding from this level of support, we can see that Ripple went on to break above the resistance at $0.40 and is now currently attempting to break above the resistance at the previous short-term 1.272 Fibonacci Extension level (drawn in green), priced at $0.4235.

Where Can We Go From Here?

If the buyers are successful in breaking above the $0.4235 resistance, we can expect immediate higher resistance to then be located at the $0.4380 and $0.45 levels. Above this, further higher resistance is then expected at the bearish .618 Fibonacci Retracement level (drawn in purple), priced at $0.46. This is measured from the November 2018 high to the December 2018 low.

Above $0.46, further higher resistance is expected at $0.48 and $0.50. This is then followed up with more resistance at the bearish .786 and .886 Fibonacci Retracement levels (drawn in purple), priced at $0.5085 and $0.5375, respectively.

What Are the Technical Indicators Showing?

The Stochastic RSI is currently trading in oversold conditions, which suggests that the previous round of selling is coming to a close. The crossover above signal has already occurred, which means that we should expect the bullish pressure to mount very soon.