XRP Faces Market Turbulence with New Levels Emerging
- Key Support Lost: XRP fell below the pivotal $1.15 support level on June 10, indicating a shift to bearish sentiment in the short term, resulting in a market cap of $71.8 billion and a 24-hour trading volume of approximately $2.17 billion.
- Price Volatility Analysis: Although XRP rebounded from $1.05 to $1.1863 earlier this month, it quickly lost momentum, decreasing by about 8% over the past week and 19% for the month, raising concerns about its future trajectory in the market.
- Weak Technical Indicators: The MACD remains below its signal line, with the RSI dangerously close to the oversold threshold, and Bybit's open interest has seen a 36% decline amid recent sell-offs, indicating fragile market sentiment and potential for further downside pressure.
- Network Upgrade Outlook: The XRP Ledger is set for a 3.2.0 upgrade on June 15, aimed at improving network efficiency and reducing memory usage; despite the challenging market environment, this technological advancement may lay the groundwork for future recovery.
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Technical Analysis for XRP
Technical Sentiment Analysis for XRP (XRP). As of , XRP (XRP) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 3 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for XRP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, XRP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
XRP (XRP) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.738 | 0.894 | 1.029 | 1.185 | 1.32 | 1.476 | 1.611 |
| Fibonacci | 0.894 | 1.005 | 1.074 | 1.185 | 1.296 | 1.365 | 1.476 |
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