Ripple Market Update: XRP/USD Bulls Rejuvenated After Plunge To $0.1850, All Eyes On $0.20

12 Jun, 2020 Updated 12 Jun, 2020

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Ripple Expands Further In Europe, Will XRP Price Rally Again?

XRP/USD 1-hour chart

At the time of writing, XRP has corrected from the dip and is trading above $0.1928. Support has been established above $0.19 amid increasing bullish activities. Looking at the technical indicators such as the Relative Strength Index (RSI), I can tell that the bullish grip is becoming stronger. The RSI has recovered steadily from the oversold while it is still pointing north towards the overbought region.

However, the selling pressure cannot be ignored, especially considering the bearish session printed by the Elliot Wave Oscillator. On the upside, Ripple still has to deal with the resistance at $0.1950, the 50 SMA in the 1-hour range and at $0.20. Meanwhile, the bulls must ensure that they keep the price above $0.19 and focus on breaking above the hurdle at $0.20.

Ripple Intraday Levels

Spot rate: $0.1928

Percentage change: 2.45%

Relative change: 0.0046

Trend: Bullish

Volatility: Shrinking

High: $0.1936

Low: $0.1836

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.