XRP (XRP) dropped to $0.293 on June 14, but the bulls purchased the dip as seen from the mild rebound over the past 48 hours evidenced by two daily green candlesticks. At the time of publication, XRP was marginally up at $0.33. Ripple CEO Brad Garlinghouse says that the company has been able to weather the past cyclical bear markets by focusing on the long term—“ripple has been building enterprise products with long-term utility, not speculation.” These are products that solve problems today, not ones in search of a problem. He stated that the Q2 ODL volume (well over $1 billion) had already surpassed its target three weeks before the end of the quarter. He also cited that Ripple has continued to pay attention, saying, ‘’We’ve been preparing for this with a significant cash balance, and thus can afford to keep hiring the best talent with the goal of 50% outside the US’’.
Key Levels
Resistance Levels: $0.4000, $0.3650, $0.3330
Support Levels: $0.3000, $0.2550, $0.2134
XRP/USD Daily ChartAfter the recent decline, XRP/USD bounces back from multi-day lows, trading just below the immediate horizontal at $0.3330 and the main daily moving average (MA 50). The pair is falling from the psychological level of $0.8000, which is the structure’s handle and has targetted the $0.3000 (low) level.
XRP/USD maintains minor gains of nearly 4% in 24 hours, going beyond $0.3300 levels in American trading hours to hit an intraday high at $0.3313. Perhaps another rise will occur; a leap forward of the level at $0.3330 is required to demonstrate the restart of an uptrend. Otherwise, we should expect to see increasingly more rallies with the risk of another collapse.
XRP/USD 4-Hour ChartAs XRP/USD attempts to sustain its rebound, any breach above the $0.3330 minor resistance level in the pair might signal the end of the fall to $0.3000 and beneath. From the level of $0.2975 intraday low, the bias is initially shifted back to the upside. The resistance level of $0.3330 might be approached via the next run.
On the other hand, a sustained break below $0.3000 might move the bias to the negative for the $0.2500 support level, despite ongoing broader market activities near the intraday high of $0.3313 level. Nonetheless, given the bullish bounce in the 4-hour time frame with the cooperation of the RSI past its midline 50, a breach of the $0.3330 level might show boost the rebound to the level of $0.3650.
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