- Ripple embarks on a higher low pattern within a rising channel.
- Technically, XRP/USD is still in a bullish mode and could correct higher towards $0.5000.
Ripple (XRP) is holding position above the key $0.4300 level. This comes after a reversal move from the support at $0.3650. The trading in June has not been without its share of up and downs. Ripple commenced the trading close to the 61.8% Fibonacci retracement level between the last swing high at $0.4812 to a swing low of $0.3650 around $0.4370. And this was after a correction from May highs around $0.4812.
XRP/USD 4-hour chart
XRP/USD plummeted to the support at $0.3650 before correcting upwards within a rising channel as observed on the 4-hour chart. A correction past the trendline resistance which coincides with the 23.6% Fib level launched Ripple price into more gains breaking above the moving averages.
For the second time in June, Ripple has managed to trade above $0.4600 and even formed a new June high at $0.4680. However, the weakening bullish momentum is seeing the crypto slide towards $0.4400 support. Meanwhile, Ripple is trading at $0.4444 at press time. The trendline support will be key in aiding the stop of the correction. At the same time, a break above the channel resistance could propel Ripple towards the highs above $0.4800. Besides, the buyers have eyes on $0.5000 in the short-term.
Technically, XRP/USD is still in a bullish mode and could correct higher. It is initially supported at $0.4400, which is immediately backed by the 61.8% Fibo, $0.4200 will offer support as well as $0.4000 and the primary support at $0.3650.
The 14-D Relative Strength Index (RSI) has been forming a higher low pattern and speaks in volumes about the ongoing uptrend. Of course, this not to say that there will no lower corrections. But the up and down movements are likely to push the uptrend above $0.50.
In other news, the rumored Ripple and MoneyGram partnership have been confirmed. The blockchain company and the money transmission network will work together in cross-border payments as well as foreign exchange settlements with digital assets. The partnership allows MoneyGram to get up to $50 million from Ripple in exchange for equity.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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