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XRP Price Analysis: Bears Mount Pressure Amid Possible Plunge Towards $0.18

Ripple’s XRP is facing an imminent price plunge amid intense selling pressure keeping its price below the key resistance at $0.2. At the moment, prices have successfully touched down the Bottom of the Bollinger band indicator at $0.19. Sliding further below, XRP/USD found support at the $0.183 level on June 11, 21:30 hours UTC. 

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The bulls seemed to take turns and prices retraced back upwards to the 0 Fibonacci retracement level at $0.2. However, the predominant downtrend resumed and has since dragged the price back below the $0.2 resistance.

Now, as the bulls battle a stern opposition at the 23.6% Fibonacci retracement level, the confluence of indicators formed with the Bollinger band bottom makes it seem unlikely that prices may go up in the short term. 

As we expect a downturn, major support exists at $0.19, the 50% Fibonacci level. Below this area, support is found at 61.8% and 78.6% fib levels respectively. 

XRP/USD Price Chart

On the 4-hour chart above, the Resistance Strength Index is horizontal at the oversold condition at 30. With further indications turning bearish, RSI may fall below and crash the price towards the 20.0 RSI level. 

At 20.0 RSI, a price continuation equal to $0.18 is a fine possibility. If this comes to play, XRP/USD may find support at this level and try to rally up. In case the bulls gather enough strength, the next level of resistance lies at $0.185. Further levels of resistance up the chart lie at the 61.8% Fib level and the key opposition to this flow will be met at 50% fibo level.

Meanwhile, a major XRP transfer was made on Wednesday, June 10 at 15:01 hours UTC. According to Whale alert, the transfer of $197 million XRP was made between two unknown wallets. The transfer amounts to $39,630,724 USD and further action has not been taken ever since. 

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XRP Price Analysis: Bears Mount Pressure Amid Possible Plunge Towards $0.18
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XRP Price Analysis: Bears Mount Pressure Amid Possible Plunge Towards $0.18
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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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