Ripple Price Analysis, 26th June: XRP trading in a range

XRPUSD Dominant Trend: Ranging

Supply Levels: $0.50, $0.51, $0.52

Demand Levels: $0.41, $0.40, $0.39

 

Ripple Price Analysis

Ripple price has been declining since the market opened today, and sometimes moving sideways. The coin struggles to break the stubborn $0.47 level since June 24. Ripple price is also trading above the green part of the Ichimoku cloud indicator. The price of the coin shows many positive signs against the US dollar, just like the Bitcoin. XRP price is likely to generate more gains above short-term supply levels of $0.48 and $0.50. After a sharp rise, the price of the market recovered significantly below the $0.4750 mark against the US dollar. The XRP/USD pair even exceeded support at $0.4600 and traded close to the $0.4593 level. However, the Bulls defended the demand at $0.4593 level. As a result, the price started a new rise from the $0.4600 level. In addition, the price is now trading well above the $0.4650 level and is well above the 55-day MA. However, the level of $0.4750 is a strong resistance. 

XRP Price Chart 26th June
XRP Price Chart 26th June

In addition, a key bearish trend line is forming with resistance close to $0.4750 on the XRP/USD hourly chart. As a result, a break of the levels of $0.4750 and $0.4770 could set the tone for more gains. In the case mentioned, the XRP price could even exceed the $0.5000 mark and could probably approach the supply levels at $0.51 and $0.52 respectively. On the contrary, if the XRP continues to fight around $0.4750, it could correct some problems in the short term. An immediate demand is close to the $0.44 level, below which the price could test demand levels of $0.41, $0.40 and $0.39. However, the bulls need to gain ground above $0.4750 to set the pace for new gains. If Bitcoin continues to climb, it is very likely that XRP price will exceed the levels of $0.4800 and $0.5000 in future sessions. Meanwhile, the MACD is losing ground in the bearish zone.

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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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