XRP/USD Medium-term Trend: Bullish
Resistance:$0.67, $0.68, $0.69
Support:$0.65, $0.64, $0.63
Yesterday, June 7, the XRP/USD pair was in a smooth uptrend. Price of the asset was making a series of higher highs and higher lows. The asset is making an attempt to retest the resistance level at $0.70. It was assumed that if the resistance level at $0.70 was broken the asset would reach the high of $ 0.75. On the other hand, if the bulls failed to break the resistance level, the asset would fall or move in a sideways trend. However, price of Ripple is currently trading at $0.66 as at the time of writing.Today, from the 4-hour chart, price of Ripple could not break the resistance at $0.70 and as a result, the asset fell to a sideways trend.
Yesterday, price of Ripple reached the high of $0.68 and was resisted by the bears. However, the Fib retracement tool is attached to the 4-hour chart. In an uptrend, it is expected that if price retraces from the high, it will encounter support at one of Fib retracement levels which will give traders the opportunity to place long trades. Presently, price of Ripple is retracing from the high of $0.68, it will encounter one of the support levels where you will initiate your long trade.
XRP/USD Short-term Trend: Bullish
On the 1-hour chart, price of Ripple is in a sideways trend. Meanwhile, the relative strength index period 14 is level 40 indicates that price of the asset is in the range bound zone.
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