XRP Price Prediction: Ripple’s 30% rally bows to selling pressure under $0.7; where to next?

Published June 24, 2021 | Updated June 24, 2021

Ripple XRP
Image Courtesy of Pixabay

XRP Price Prediction: Ripple’s 30% rally bows to selling pressure under $0.7; where to next?

  • Ripple gained ground to $0.67 after the massive weekly selloff to $0.52.
  • Overhead pressure under $0.7 results in a retreat to $0.6.
  • The MACD reveals that XRP is still in the bulls’ hands.

Ripple suffered greatly under the battering jabs from the bears at the beginning of the week. The feared downfall to $0.5 occurred as XRP tumbled to $0.52.

Meanwhile, a recovery followed swiftly, with Ripple gaining the lost ground above $0.6. The bulls stretched the up leg toward $0.7, but the momentum lost steam at $0.67.

At the time of writing, trades at $0.62 following a minor correction. Holding support at $0.6 is crucial for the resumption of the uptrend. However, Ripple may retreat further before bulls throw another jab at $0.7.

XRP/USD four-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

Ripple’s weakening on-chain metrics could be hindering recovery

On-chain metrics play a key role in the performance of most crypto assets. Understanding the signals from the metrics helps investors make informed decisions.

According to data from Santiment, the number of new addresses joining the XRP has dwindled over the last 30 days. Moreover, the XRP price has been falling in tandem with the addresses. For instance, from a 30-day high of nearly 4,800 addresses created on May 24, only 2,055 addresses were created on the network on June 23.

On May 24, Ripple exchanged hands at $0.86, but the price had fallen to $0.64 on June 23. Declining network growth is usually a bearish signal, ascertaining that the project is losing traction. Hence, if the metric fails to turn around, XRP price will likely delay recovery or continue exploring the rabbit hole.

Ripple network growth model

Ripple network growth model
Ripple network growth model by Santiment

On the flip side, the Moving Average Convergence Divergence (MACD) hints at the trend remaining in the bulls’ hands despite the correction from $0.68. Realize that the bullish outlook emanates from the MACD line (blue) sustain the divergence above the signal line. Besides, holding above $0.6 support may allow bulls to focus on recovery toward $1.

Ripple price intraday price levels

advertisement

Spot rate: $0.62

Trend: Bearish

Volatility: Low

Support: $0.62 and $0.52

Resistance: $0.7 and $0.85

advertisement
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author

Subscribe to our newsletter for free

John Isige 1057 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Follow John @

Loading Next Story