Ripple Price Analysis: XRP is booming to $0.50 soon?

XRP USD Dominant Trend: Bullish

Supply Levels: $0.48, $0.49, $0.50

Demand Levels: $0.38, $0.37, $0.36

XRP, the third largest currency by market value, is changing hands to $0.43991, an increase of around 1.8% from this time on Wednesday, June 19. The coin reached $0.46272 on June 17, following the announcement of Ripple’s partnership with MoneyGram, but failed to stand firm despite technical corrections. Ripple’s market value was $18.6 billion, while trading volumes were $1.4 billion. The price of the Ripple XRP token has fallen 1.21% in the last 24 hours but has managed to stay above the support level of $0.42 and is currently trading around $0.43. The XRP had already given ground but had not exceeded the supply level of $0.44, falling to $0.43. With a recent demand of $0.39, Ripple boosted the uptrend above $0.42 and this time the third largest crypto was unstoppable, reaching heights of just over $0.48.

 

 

However, as the market moves in the ascending wedge channel and is still operating above the 50-day moving average, the XRP has not managed to overcome the supply at $0.46 and has fallen to $0.43. From above: the closest resistance level is now at $0.44, followed by the supply at $0.46. The supply at $0.46 was particularly strong and caused problems for the bulls in May 2019. Above $0.46, the following supply levels were found at $0.48, $0.49 and $0.50. From below: the level of closest to demand is now at $0.41. Below that, we can expect demand for the uptrend line set 2 months ago. Below the trend line, the additional demand is $0.40, $0.38 and $0.37. If the sale continues, the additional demand is set at $0.36. The volume of transactions was quite high in June and remains above average. The stochastic RSI is currently above level 40 and tends to overbought conditions, suggesting that the market may be a bit overbought later.

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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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