fbpx

Will Ripple keep the recovery mode

The crypto currency market keeps bullish sentiments

Bitcoin and other major Altcoins remain on green territory in the early Asian hours on Wednesday. The total capitalization of all digital coins in circulation reached 250 billion dollars, while the average daily volume of trade exceeded $ 80 billion.

Market movements were mainly dominated by speculative moods, including FOMO around Bitcoin SV. The Bitfinex exchange went into the initial stock exchange (IEO) business. The newly introduced service is called Tokinex. Starting Thursday, this week, the service will release its first token. On June 13, there will be a second token launch. Bitfinex is not the first crypto exchange to offer this type of service. In fact, exchange platforms such as Binance, OKCoin and KuCoin already offer similar services to the industry.

But the main and hot topic in the past few days remains the rise of Bitcoin. Investors, however, seem to remain aside while trying to find out if the last rally in the main crypto currencies is a sign pointing to the beginning of a prolonged upside trend.

At the regulatory front, the US SEC received another request to change the listing rule, which would allow it to list shares in an investment trust for Bitcoin. But the regulator is obviously not in a hurry to take decisions on Bitcoin issues, as it has postponed his decision to VanEck’s ETF again.

Ripple struggles to hold above $ 0.40

Undoubtedly, in the top 3 of the best performing crypto currencies, except Bitcoin, are Ethereum and Ripple. After the formation of a support base over $ 0.3600, the Ripple price recovered more than $ 0.3800 and $ 0.4000 against the US dollar. The XRP/USD pair even rose above $ 0.4150 and the 100-hourly simple moving average. Nevertheless, the price did not hold convincingly above the resistance level of $ 0.4300. As a result, we saw a new three-day downside correction below $ 0.4150 and $ 0.4000. The price even broke the 100-hr SMA and tested $ 0.3600.

Ripple’s price is now consolidating above key levels of support against US dollar, but declining against Bitcoin. XRP has to stay above the $ 0.3600-0.3614 support zone in order to be on positive territory.

The next major resistance is close to $ 0.4150. A clear breakthrough over it could lead the price for retesting of $ 0.4300/50 before the bulls head back to the high for 2019 at 0.4780. If Ripple is able to break through this level, then nothing should stop the upside momentum before the psychological level of $ 0.5000.

In the downward direction since the beginning of this week, we have a bullish trend line of hourly chart, located close to $ 0.3970 at the moment. A clear break below the trend line is needed for the price to test again $ 0.3614/00 (17th May low) before falling to $ 0.3350 (the 50-day SMA).

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Leave a Reply

Your email address will not be published. Required fields are marked *

Top