NewsletterXRP Price Prediction: Will the $XRP Price Surpass $0.6 in June?
XRP Price Prediction: Decoupling from the broader market sentiment of uncertainty, the XRP price has shown sustained recovery for nearly a month. From the last swing low of $0.415, the coin price surged nearly 30% to reach the current price of $0.53. If the bullish momentum persists the buyers will challenge the multi-month resistance of $0.55, will they break it this time?
Also Read: XRP Lawsuit: Ex SEC Lawyer Predicts ‘One-Off’ Ripple Win
XRP Price Daily Chart
- The rising XRP price could face intense supply pressure at the $0.55 mark.
- The reclaimed daily EMAs(20, 50, 100, and 200) reflect a bullish trend
- The intraday trading volume in the XRP is $726.5 Million, indicating a 10.5% loss.
Source- Tradingview
Amid the recent recovery, the XRP price completed a falling wedge pattern which carried the last two-month correction phase in this coin. This bullish setup accelerates the underlying buying momentum in an asset and assists buyers to carry a steady rally.
Under the influence of this pattern, the XRP price which is currently trading at $0.535, is likely to challenge the multiple months’ resistance. Despite several attempts since last year, the buyers have so far failed to sustain above this level with a daily candle closing.
Thus, the $0.55 level stands as a crucial supply zone that could invalidate the buyers’ recovery attempt or pave the way for a massive rally if breached. A daily closing above $0.55 will signal an early sign of trend reversal and could surge the coin price nearly 46% higher to hit $0.8.
Will XRP Price Hit $0.6?
The $0.55 level has remained a forbidden supply zone for XRP holders as the price faced multiple reversals from this resistance for over a year. Therefore, to even consider a sustained rally in XRP price, the buyers need to pierce the $0.55 barrier. This breakout will intensify the buying pressure in the market and push the price to a potential target of $0.6, followed by $0.7 and $0.8
- Super trend: The indicator’s film started projecting a green color indicating a positive change in the daily trend.
- Vortex indicator: A massive gap between the VI+(blue) and VI-(orange) slope reflects the aggressive buying sentiment among traders.
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