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.
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.
