XRP Technical Analysis Report | 15th-June-2023

The Crypto market fell this Thursday with XRP erasing all gains from a surge earlier this week as markets digested “Hinman emails” from a Ripple Labs presentation on Tuesday. Emails from William Hinman, former head of the SEC’s corporate finance division, were released in connection with the SEC’s lawsuit against Ripple. The buyers pushed XRP above the overhead resistance at $0.56 on June 13, but they could not sustain the higher levels. And bears are trying to strengthen their position further by pulling the price below the 20-day EMA. The price of the token has fallen by more than 6% while the global volume is down by close to 25% over the last 24 hours.

At the time of writing, XRP was trading at $0.4739.

XRP Daily Chart-15th June 2023
Ripple (XRP) Chart

XRP saw a massive rally from the recent bottom of $0.30 (on 2nd January 2023) and surged almost by 95% up to $0.585 within three months. The asset faced resistance at the key level of $ 0.555 and witnessed profit booking, and the price corrected to $0.41. XRP took support at $0.41 and the bulls resumed the up-move and the prices rallied up to $0.565. However, the bulls again failed to sustain above the resistance of $0.555. 

Technically, on a daily time frame, XRP is trading in a broad range from $0.41 to $0.555. Breakouts on either side of the range with good volumes will further decide the trend for the asset.

  Support 2Support 1AssetResistance 1Resistance 2

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

ZebPay Weekly

Subscribe for latest crypto news & stay updated!

    Start Trading Now