Ripple Price Analysis: XRP/USD Holds Above $0.20 But Peter Brandt Brand XRP A Manipulated Scam

Published June 5, 2020 | Updated June 5, 2020

Siam Commercial Bank (SCB) and Ripple
Siam Commercial Bank (SCB) and Ripple

Ripple Price Analysis: XRP/USD Holds Above $0.20 But Peter Brandt Brand XRP A Manipulated Scam

  • Ripple extends consolidation above $0.20 after a retreat from weekly highs.
  • Veteran trader Peter Brandt calls XRP a “manipulated scam.”

Ripple after testing highs above $0.21 this week failed to sustain gains towards $0.22. The general picture in the market has been lethargic. XRP/USD has, however, maintained its position above $0.20. On the upside, it is facing initial resistance at $0.2050 (intraday high).

Glancing higher, the XRP movement above the first hurdle must brace to face the selling pressure at $0.21. However, looking back at the trend last week, XRP/USD corrected from lows around $0.19 –to highs past $0.21 on Monday. The potential for further growth is still intact, therefore, bulls are likely to emerge winners following the current consolidation.

Peter Brandt, a renowned commodities trader, is one of the most bearish when it comes to XRP. He recently referred to the token as a “manipulate scam” while replying to a fan who sarcastically ask him “why XRP is not 0.00000013 yet?”

XRP/USD price chart

Ripple Price Technical Picture

Ripple price seems to be flirting with the 38.2% Fibonacci level. Its sideways trading action is reminiscent of the leveling motion of the RSI. The indicator has slowed down the retreat from June highs and holding the ground above 50. The Elliot Wave Oscillator confirms that bulls are in control at the time of writing. However, it is clear that they lack the steam to push the XRP price higher.

XRP/USD daily chart

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

Ripple Intraday Key Levels

Spot rate: $2044

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Relative change: 0.000176

Percentage change: 0.09%

Trend: Bearish

Volatility: Expanding

 

 

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.
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