Ripple Price Analysis: 3 June 2019, XRP Price

1 month ago

XRP Price Dominant Trend: Ranging

Supply Level: $0.44, $0.46, $0.48

Demand Level: $0.41, 0.39, $0.38

According to the 4-hour chart, the market tells us that XRPUSD has reached the $0.47 supply level twice in May 2019, which proves to be its highest level since the beginning of the year. Although the market is changing, there is likely to be upward movement, as the future looks bright for buyers. The market is still moving at the top of the Ichimoku cloud, it should stay above if the price stays above the cloud so that the uptrend remains concentrated. The history of recent price peaks shows a similar evolution. Last Saturday, at the end of the hour, the price tried to make a breakthrough and break the support offered by the line of the upper trend.

In addition, if the price drops further to find a level of demand at $0.41, it will recover its strength, but currently the RSI 14 signal line continues to move sideways, which has not really confirmed the trend that the market will follow. However, as soon as the signaling line in RSI 14 has finalized its decision and advances in the upward trend to reach the supply level at $0.44 and $0.48 respectively, buyers can expect an upward recovery. But if the price goes around and breaks the upper support line of the Ichimoku cloud, sellers will continue to check several times to see how it goes down to touch the lower support line and reach the demand level at $0.41 and $0.38. With the situation according to the chart, having more green bar in volume 20 gives buyers a great advantage over sellers and Ripple is extremely active in the area of ​​associations and more institutions seek to incorporate the XRP token into their ecosystem, the XRP could be around $0.5 or even $1 in the coming months. In the short term, buyers have to overcome a strong demand of $0.45.

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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