XRP/USD is struggling near important mid-term support levels as the month of June gets ready to begin.
After stepping out of from the shadows via its underperformance the past couple of years, and achieving a high of nearly 2.00000 on the 13th of April, XRP/USD has stumbled and is now testing mid-term support levels. Ripple has been under a long-term cloud via US government regulatory and legal concerns, but was able to muster a provocative bullish move along with other major cryptocurrencies starting in early January. XRP/USD was trading near 0.22000 on the 7th of January, and by April had achieved a strong amount of speculative success.
On the 18th of May, XRP/USD was trading near 1.70000 after experiencing strong reversals in both directions since attaining its April high. However, XRP/USD has struggled like many other cryptocurrencies in the past two weeks, and is now traversing important mid-term support levels, which are near values not sincerely traded since the first week of April. What should concern speculators who maintain their bullish outlooks is the notion that technically, XRP/USD has not entered its March/February price band. This lower price band certainly is within sight and, if current support of 0.87000 to 0.80000 does not hold, a test lower can ensue.
On the 24th of May, XRP/USD traded momentarily near the 0.64000 mark; this price tested values seen on the 4th of April. Ripple, like the other major cryptocurrencies, has certainly seen a great deal of volatility the past few months. However, price action in XRP/USD has been nasty, taking into consideration that the digital currency has often been more tranquil than many of its major counterparts in the past. XRP/USD has seen its value cut essentially in half since reaching April highs. The current price range between 0.80000 and 1.0000 will likely prove to be an important inflection area for XRP/USD.
Ripple remains a solid barometer regarding the health and sentiment within the cryptocurrency market because of its rather long-term existence compared to many other digital currencies. XRP/USD certainly has its detractors who argue about its core philosophy and blockchain which is not ‘de-centralized’. However, XRP/USD does trade in many respects within the whims of behavioral sentiment which hovers over the broad cryptocurrency market.
Ripple Outlook for June:
Speculative price range for ADA/USD is 0.41000 to 1.42000.
The junctures of 0.80000 to 1.0000 do look ultra-important in the short term; traders should monitor this price range carefully to see if prices fall below or move above these levels. If XRP begin to traverse near the 0.85000 mark and proves that it is vulnerable, a test of the 0.80000 level could quickly ensue. If the lower depth of 0.80000 is broken, it will certainly test the sentiment of Ripple ‘backers’ who might fear another leg down.
If this negative sentiment combines with bad technical perspective, traders may suspect that selling pressure will increase and early April values will be tested which approach the 0.57000 price. The bearish trend of XRP/USD still seems be strong, and traders who want to pursue the lower rungs of XRP/USD’s current price range cannot be faulted, but they might want to be sellers on small reversals higher with the belief that current resistance levels will prevail.
If XRP/USD climbs above the 1.00000 mark and is able to sustain value above this level, traders may begin to be more comfortable with the notion that a bullish reversal is in the cards. As late as the 26th of May, XRP/USD was trading near the 1.06000 mark. If this price level is penetrated higher, it could indicate that XRP/USD is about to move higher and there may be a shift in sentiment underway. However, if this value proves to be solid resistance, another move downward could ensue quickly. Bullish speculators should keep their eyes on the 1.17000 juncture; if XRP/USD is able to power its way towards this mark, it could signal that additional speculative buying will build.