Ripple Price Analysis, 17th June: XRP trading with a Bullish Momentum

1 month ago

XRPUSD Dominant Trend: Bullish

Resistance Levels: $0.46, $0.48, $0.50

Support Levels: $0.38, $0.36, $0.34

Ripple Price Analysis

At the time of writing this article, the XRP is selling more than 6% at its current price of just under $0.44, a significant increase from the lowest level in the last 24 hours ($0.40). This latest increase marks the first major price movement that Ripple price has seen in the last two weeks and has allowed crypto to catch up with many other important altcoins that have made important advances recently. Ripple price has not yet seen its monthly highs, set at the end of May since they rose to $0.47. Since then, it has declined but strongly supported around $0.40. After struggling to reach $0.41 in the last 5 days, the coin finally managed to do so. Although the growth has not been significant, it must be supported. In the last 7 days, on June 10, the coin came to trade around $0.38 but quickly regained momentum.

XRP Price Chart 17th June

Ripple price, on the other hand, is operating in an ascending wedge. Recently, support at $0.38 allowed the bulls to reach above $0.40. In addition, the XRP extended the movement to the north breaking the triangular resistance and still moving above the 50-day MA. Ripple price rose above $0.41 before expanding the gains of two engulfing candlesticks beyond the $0.42 hurdle. For now, the XRP/USD is trading at $0.4290. It has corrected from the weekend high of $0.4285 and struggles to stay above $0.4200. Meanwhile, the relative strength index reveals that the bulls are exhausted and that a short-term setback of $0.4100 is imminent. The MACD shows that bulls always have the power to hold gains, especially if support is set at $0.4200. Other key levels to consider are $0.3800 (next target support), $0.3600 and $0.3400 (recent key support area).

Azeez Mustapha @ItuGlobal

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.

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