XRP/USD Medium-term Trend:Bullish
Resistance:$0.66, $0.67, $0.68
Support:$0.64, $0.63, $0.62
Yesterday, June 5, Ripple asset was in a bearish trend. The asset fell from the high of $0.70 to the low of $0.64. It was assumed that the asset would retest the high of $0.70 and reach the high of $0.90. Meanwhile, price of Ripple is currently trading at $0.67 as at the time of writing. However, from the chart, price of Ripple is in a bullish trend. The 20-day moving average is above the 50-day moving average indicating that price of Ripple is rising.
The asset is making an attempt to retest the price at $0.70. If the asset breaks the resistance at $0.70, price is likely to rise to the high of $0.75. But if the bulls are resisted, price will fall again or move in a range bound movement. Meanwhile, the relative strength index period 14 is level 58 indicates that price is the range bound zone.
XRP/USD Short-term Trend: Bullish
On the 1-hour chart, price of Ripple is in a bullish trend. Price of the asset is making a series higher highs and higher lows. When an asset makes such movement in a bullish trend, support levels will be created where traders will have the opportunity to place long positions.
The views and opinions expressed here do not reflect that of BitcoinExhangeGuide.com and do not constitute financial advice. Always do your own research.