XRP Price Looks Ready to Drop Another 20 Percent: Ripple Shorts Get Ready

XRP/USD Medium-term Trend:Bullish

Resistance:$0.66, $0.67, $0.68
Support:$0.64, $0.63, $0.62

Yesterday, June 6, the price of Ripple is in a bullish trend. Price of the asset was making a series of higher highs and higher lows. The asset was making an attempt to retest the price at $0.70. It was assumed that if the asset broke the resistance at $0.70, price is likely to reach the high of $0.75. But if the bulls were resisted, price will fall or move in a range bound movement. Meanwhile, price of Ripple is currently trading at $0.67 as at the time of writing.

Today, price of Ripple has not been able to break the resistance level  at $0.70, instead, it had been resisted. Price of the asset is consolidating at the resistance zone of the asset. The relative strength index period 14 is level 54 indicates that price is in the range bound zone. In the other words, price of the asset is likely to fluctuate above the price of $0.65 pending the outcome of a possible breakout

XRP/USD Short-term Trend:Bullish

On the 1-hour chart, price of Ripple is in a bullish trend. Price of the asset is in range bound movement after the resistance by the bears

The views and opinions expressed here do not reflect that of BitcoinExhangeGuide.com and do not constitute financial advice. Always do your own research.     

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