Ripple Price Analysis, 5th June: Sellers gaining control over the market

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XRPUSD Dominant Trend: Ranging

Supply Level: $0.50, $0.60, $0.70

Demand Level: $0.35, 0.25, $0.15

 

Ripple Price Analysis

Ripple price went from $0.46 to $0.38 on Monday night after a massive sell in the cryptocurrency market. Although the currency has been able to recover up to $0.40 at the time of writing, it still exceeds 7.6% on a daily basis.  Looking at the 4-Hour chart, the price has crossed down the Ichimoku cloud, giving sellers more control over the market. On the technical side, Ripple price broke below the MA 100 (moving average) on the 4-hour chart, currently at $0.40. This development has deteriorated the intraday technical picture and has put the focus of $0.397 on the costs of processing to the center. This area is expected to attract new buyers and serve as a springboard for recovery.

Ripple Price Chart 5th June
Ripple Price Chart 5th June

In addition, if the price falls more to the support of $0.35, there will be a kind of price decrease because the stochastic 14 signal line has passed through the oversold territory and has not moved to exit the zone, which still confirms to us that the market trend is bearish. However, once the RSI 14 signal line leaves the oversold zone and on its way upward, the uptrend can reach a respective resistance level of $0.50, $0.60 and $0.70. Buyers may expect a recovery but must wait until the market price crosses the Ichimoku cloud to confirm the bullish movement.

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