Ripple Price Forecast: XRP technical levels fade while freefall to $0.65 beckons

By John Isige
June 9, 2021 Updated June 9, 2021
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Ripple XRP
Image Courtesy of Flickr

Ripple has embraced downward price action since the beginning of June. The international money transfer token crashed from $1.71 to $0.65 in May but recovered to highs around $1.1 at the beginning of June.

In the last week, the overall general outlook in the market has seen XRP bulls fight a losing battle. Initially, buyers focused on gains above $1, but the barrier at $1.1 only got them exhausted.

Meanwhile, the aggressive bearish wave in the market, especially this week, forced Ripple to explore the rabbit hole. Support at $0.9 and $0.8 did little to halt the declines; thus, XRP revisited a previous anchor at $0.78.

Ripple’s technical picture adds credence to the bearish outlook

Many analysts believe that this a bear cycle and that Ripple may drop further. The short-term technical outlook confirms this narrative. For instance, the Moving Average Convergence Divergence (MACD) continues to dip inside the negative region. Additionally, the MACD line (blue) recently crossed beneath the signal line, a critical bearish signal.

Similarly, the Relative Strength Index (RSI), a technical indicator tracking the trend of an asset and measuring its momentum, reinforced the bearish tightening grip. Another approach in the oversold region shows that sellers have the upper hand.

XRP/USD four-hour chart

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

For now, the path with minor hurdles is downward. Hence, immediate support between $0.78 and $0.8 is crucial for the bulls to resume the uptrend. However, another swing south might bring XRP near the primary support in May at $0.65.

Ripple intraday levels

Spot rate: $0.84

Trend: Bearish

Volatility: Low

Support: $0.78 and $0.65

Resistance: $0.9 and $1

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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