Ripple Price Analysis, 12th June: XRP Trading Below 55 Day Moving Average

Categories -
ADVERTISEMENT

XRPUSD Dominant Trend: Ranging

Resistance Levels: $0.45, $0.55, $0.65

Support Levels: $0.33, $0.23, $0.13

 

Ripple Price Analysis

Just looking at the 4-hour chart, the XRP/USD is trading at $0.39. Ripple price is trading below the moving average for 55 days, which indicates a downward trend in the XRP. At the moment, the price of the cryptocurrency is moving towards the lower edge of the Bollinger band indicator. In addition, we expect an attempt to continue the increase in Ripple price and the development of the uptrend. The purpose of this movement is to provide near the resistance level of $0.45. The cautious bid level for XRP purchases is close to the lower limit of the Bollinger Band indicator, at the $0.45 supply level. Any attempt by the buyers to cancel the option to continue reducing the XRP Price would be equivalent to separating the demand from the lower edge of the Bollinger band indicator.

Ripple Price Chart 12th June
Ripple Price Chart 12th June

However, after exceeding the lower edge of the Bollinger Band indicator, this will also affect the moving average with a period of 55 days and the closing of the currency price below the support level of $0.33. This will indicate a change in the current downward trend of the Ripple price. If the upper limit of the Bollinger Bands indicator is exceeded, an acceleration of the cryptocurrency increase is expected, which implies a resistance level of $0.45 or more. The area reserved for the purchase of XRP is available at a price of $0.65. When canceling the increase option, the cryptocurrency will be a decomposition of the support level of $0.13. In this case, we can face a typical decline since the MACD continues to give a strong sell signal.

ADVERTISEMENT
Avatar
Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

Leave a reply

Please enter your comment!
Please enter your name here