Ripple Price Analysis: XRP/USD Flirts With 50% Fibonacci After A 21% Loss In 5 Days

By John Isige
June 10, 2020 Updated June 10, 2020
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Siam Commercial Bank (SCB) and Ripple
Siam Commercial Bank (SCB) and Ripple
  • Ripple bulls battered by selling pressure in the last one week but keen on defending $0.20 support.
  • XRP/USD nears triangle pattern breakout likely to rally to $0.2150 and $0.2500 respectively.

Ripple price has been very uneventful in its trading over the last three weeks. Prior to the breakdown in the first week of June, XRP was trading at $0.2259. In April the fourth-largest cryptocurrency achieved highs of $0.2364. In just five days Ripple has lost at least 21% amid the up and down movement of Bitcoin and Ethereum. XRP is stuck in a sideways trend above $0.20. On the upside, the crypto is facing the first resistance at $0.2050. On the downside, XRP is supported at $0.20 (support that has been in place since June 5).

Ripple Technical Analysis

Ripple price is dancing at $0.2015 and battling the resistance at the 50% Fibonacci level taken between the last swing high of $0.2146 to a swing low of $0.1897. The cryptoasset is also fighting another hurdle at the falling triangle resistance. A breakout above this zone could catapult XRP towards highs traded at the beginning of June.

XRP/USD 4-hour chart

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

For now, sideways trading appears to take precedence. This consolidation is supported by the sideways moving the Relative Strength Index. As long as the price holds above $0.20, there is still potential for gains above $0.21 and $0.22. Besides, the same consolidation is witnessed across a vast number of the major cryptocurrencies. In the event losses progress, breaking through $0.20, bulls would seek refuge at the 38.2% Fibo, $0.1950, and the primary support at $0.19.

Ripple Intraday Levels

Spot rate: $0.2015

Relative change: 0.0001

Percentage change: 0.05%

Trend: Bearish

Volatility: High

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
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.

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