It doesn’t matter your stance on Ripple—the project—and your opinion of Ripple Directors.
We know that the Ripple price has been one of the most volatile in the space in the last few months.
From the Flare Network and DeFi FOMO before December 12 to the crashing verdict by the U.S. SEC forcing XRP/USD prices to $0.16, Ripple holders have been there and seen it all.
The XRP/USD Gyration: Sweet and Sour
Here’s even what’s more interesting.
The XRP Army, even at $0.16, at pits, and under-performing every other crypto-assets and in the face of liquidity shock following the suspension of trading by some of the world’s leading exchanges, including Binance and Coinbase, didn’t lose faith.
After the initial dump of December 23, prices steadied before exploding to as high as $2 in April 2021.
Fueling this wave of demand are fundamental factors, mainly sealed by Ripple scoring major wins against an SEC defense team described as “shambolic.”
Ripple Market Performance
The Ripple price is, as of writing, down nine percent versus the USD on the last trading day. It is at breakeven against the ETH and BTC in the last week of trading.
Reading from coin trackers reveals that the coin steadied, even temporarily unwinding losses of last week.
However, the XRP/USD price is still under bear pressure if candlestick arrangement in the daily chart leads. At present, XRP/USD is below the middle BB and inside the May 19 bear candlestick.
Also, even amid market confidence, Ripple traders are struggling as trading volumes suggest.
On the last day, XRP participation levels is relatively low at $4.6 billion.
Notably, XRP/USD prices are within a tight trade range. Prices have pulled back after encouragingly broken above $1 on June 3.
Ripple Rebounds from $0.85, a 3-Year Support Level
Recent fundamental developments and recovering crypto prices seem to be propping Ripple bulls.
Parminderjitmand on Trading View thinks the bottom is in and the next leg higher is on the offing considering the positive candlestick arrangement in the weekly chart.
Based on his prognosis, the failure of XRP/USD prices to sink below the main support trend line of the ascending triangle is a net positive.
Higher highs of the last two weeks—and rejection of lower lows—could be the launching pad. XRP prices may expand 50 percent from spot rates and close above $1.5 in a buy trend continuation pattern.
He observes that XRP prices didn’t break below $0.85, instead found support at a three-year support line.
It is the same position held by T_V_TreeTrader on Trading View who expects Ripple prices to print higher in a bullish breakout.
In an AB=CD wave pattern, the analyst, from the 4HR chart, expect another leg up above $1 to $1.50.
And getting above $1.5 presents a significant upside for XRP, according to Digital Perspectives on YouTube:
XRP/USD to Print a New all-Time High above $2 by “End of July”?
Based on price action in the daily chart, XRP/USD is on the verge of printing new all-time highs above $2 in the next two months.
It is the view of one analyst on Trading View.
From the XRP/USD analysis, the coin is trading within a bullish breakout pattern.
Even despite last week’s losses, prices found support back at the previous resistance trend line, now support.
At present, XRP bulls are steadying after the completion of the retest.
In a classic rebound and retest of previous resistance now support, therefore, the analyst thinks the XRP price could likely trend higher in a buy trend continuation pattern, possibly printing a new all-time high above $2 “by the end of July.”
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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