Price Analysis

Ripple(XRP) Price Again In Deep Waters! This Price Action Could Gain a 10% to 12% Upswing Before Day’s Close!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 7, 2022

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Ripple price analysis is pretty bearish today as the bulls remain off-shore looking for some good opportunity to get back in. The recent bearish price movements that dragged the BTC price by nearly 7% have also halted the upward trajectory of the XRP price that aimed to seal off $0.4 levels. Therefore, amind the bearish consequences surrounding the XRP price, it is now important for the asset to stick around some important levels to maintain a notable uptrend towards the pre-determined targets. 

The Ripple vs SEC case is getting more intense every new day with a newer twist being induced each time. And the matter of concern lies where the XRP price remains unimpacted with the updates of the case. The asset, despite a bearish start to the monthly trade, recovered very quickly in just a couple of days. While it appeared that the bulls maintained their dominance, the fresh bearish pressure, hindered the rally to the maximum. 

Currently, the XRP price is still stuck up in the same price zone where-in the fear of a steep drop is haunting the rally.

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The previous day’s push could have assisted the price to break out of the descending triangle and nullify the impact of the pattern. However, considering the current price movements, it is now evident that the XRP price may continue to consolidate until the day’s close. However, the asset could still keep the hopes of a strong upswing alive by sustaining close to $0.38 until the day’s close. 

It has to be watched carefully that the bulls have always made their way in when the XRP price reached the rock-bottom price below $0.38. And hence to induce significant volatility, the asset needs to hit the lower support again to attract the traders. In such a case, the price could flip largely and break above the descending pattern, else it may continue to accumulate just below $0.4 for an extended period here-on. 

Collectively, Ripple’s (XRP) price continues to hover around the decisive phase again while the bulls remain silent waiting for the right time to enter. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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