Ripple Price Analysis, 24th June: XRP in bullish momentum following BTC

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XRPUSD Dominant Trend: Bullish

Supply Levels: $0.51, $0.52, $0.53

Demand Levels: $0.41, $0.40, $0.39

 

Ripple Price Analysis

Ripple price had an interesting 24 hours, as it managed to break the resistance at $0.46, for the first time since early November 2018. On Saturday, June 22, the cryptocurrency even reached the level of $0.52, but could not last, since the market doubled close to $0.48. Despite the decline, the recent break above $0.46 is very good news for XRP holders, as the cryptocurrency struggled at this level until May and June 2019. The trend now is an increase of 22% compared to the previous month, with an additional 55% increase during the 3 months. XRP remains the third largest cryptocurrency with a market capitalization of around $20 billion. At the time of writing this, Ripple price is trading around 2% at the current price of $0.45, slightly below the recent high of $0.48.

XRP to USD Price Chart 24th June
XRP to USD Price Chart 24th June

However, more than a week ago, the XRP/USD was trading from $0.42, a price at which the cryptocurrency remained stagnant for a prolonged period, while the rest of the crypto markets rose considerably. Recently, it was observed that the Ripple price would probably require a little more time before suffering enough sales pressure to be able to take off and climb higher. With respect to this, a break above $0.48 that can boost the XRP in the short term, the next target for XRP exists at the supply levels of $0.51, $0.52 and $0.53. As a result, in the event that XRP/USD reaches the $0.51 target, a sudden influx of buying pressure could allow it to increase significantly, which will eventually lead to a $0.55 supply level. At the same time, the closest strong demand is now $0.41, while the additional demand levels are $0.40 and $0.39 respectively. The stochastic RSI approaches the oversold territory, which could indicate that the market could fall back.

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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.

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