XRP Price Prediction: Ripple bulls respite to end with blast off to $0.98


  • XRP price continues to bleed as investors start to cash out profits in the recent upswing.
  • Ripple is likely to bounce from the 50% Fibonacci retracement level at $0.877 or the swing low at $0.831.
  • A breakdown of the 79% Fibonacci retracement level at $0.746 will invalidate the upswing and kick-start a potential downswing.

XRP price saw a healthy run-up after bleeding excessively over the past three weeks. Investors seem to be booking profits, which has stifled the recent run-up. If this continues, Ripple could bounce off two crucial support levels and restart its uptrend.

XRP price remains bullish

XRP price dropped 28% over the past week and rallied roughly 18% since June 8. Although the bulls weren’t done pushing Ripple to a swing high, eager investors seem to have started booking profits, reversing the rally.

While it is unclear if this trend will continue, investors need to pay close attention to the immediate support level at $0.877, coinciding with the 50% Fibonacci retracement level. This area has been a significant barrier, so a bounce here seems likely.

In case of a breakdown of this barrier, XRP price will slide 5% to test the support level at $0.831, another worthy contender for reversing this retracement.

Assuming the buyers swoop in to rescue the remittance token here, XRP price will first reclaim the 50% Fibonacci retracement level at $0.877, followed by a retest of the recent swing high at $0.93.

However, the ultimate test of bulls’ strength will occur at $0.969 or the supply zone’s lower trend line at $0.979.

XRP/USDT 4-hour chart

XRP/USDT 4-hour chart

Supporting this bullish outlook is the 30-day Market Value to Realized Value (MVRV) model, suggesting that XRP price is in an opportunity zone. This fundamental index measures the average profit/loss of investors that purchased XRP in the past month.

A negative value represents short-term traders booking profits, allowing the long-term investors to accumulate.

The last time the MVRV model dipped this low was on February 28, 2021. A week later, XRP price rallied 30% over the next month.

XRP 30-day MVRV chart

XRP 30-day MVRV chart

Moreover, the whale transactions worth $100,000 or more are below 200, indicating no potential tops being formed. Typically a spike in this metric coincides with local tops, which might reveal high net worth individuals cashing out their positions or reallocating their holdings.

Therefore, investors can expect XRP price to make a higher low and continue its ascent after a minor retracement.

XRP large transaction chart

XRP large transaction chart

In certain situations, XRP price could slide to $0.823 or $0.784 while remaining bullish. These are high probability reversal zones and might retest the remittance token’s impulsive wave.

However, a decisive close below $0.746 will invalidate the bullish thesis and open up the possibility of a 12% sell-off to the range low at $0.651.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Three reasons why Shiba Inu price may be ready to rally

Shiba Inu price decline has not been matched by increasing volume, suggesting it is not token specific. ShibaSwap decentralized cryptocurrency exchange (DEX) in testing mode, to be released to the public soon. Social volume stabilizes during another period of price weakness. 

More Shiba Inu news

XLM price in search of foothold to advance 33%

XLM price reveals exhaustion of bullish momentum, leading to a potential retracement to the recent swing. A resurgence of buyers here may ignite an upswing that could propel Stellar by 33%. If the support level at $0.298 is breached, a bearish thesis might evolve.

More Stellar Lumens news

Senator Elizabeth Warren attacks Bitcoin and Dogecoin during Senate CBDC hearing

During the June 9 Senate hearing on central bank digital currencies, Bitcoin and Dogecoin took the spotlight as United States Senator Elizabeth Warren criticized cryptocurrencies for their role in scams, ransomware attacks and pollution.

More Cryptocurrencies news

Ethereum approaches inflection point, needs trigger to take off

Ethereum Classic price pierced through the crucial resistance level at $61.66 but has not closed above it. A successful move above this barrier might trigger a 16% upswing to $71.91. If ETC produces a decisive close below $48.88, the bullish thesis will face invalidation.

More Ethereum news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP