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XRP Price Analysis for June 2

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Fri, 2/06/2023 - 16:05
XRP Price Analysis for June 2
Cover image via www.tradingview.com

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Bulls have returned the lost initiative as all of the top 10 coins are in the green zone.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

The rate of XRP has increased by 2.58% over the last 24 hours.

XRP/USD chart by TradingView

Image by TradingView

On the hourly chart, the price of XRP is approaching the resistance after a false breakout of the local support level at $0.5131. If closure happens near the $0.5190 mark, there is a chance to see a further growth to $0.52 and above.

XRP/USD chart by TradingView

Image by TradingView

On the bigger time frame, today's bar is likely to close above yesterday's peak at $0.5166. If that happens, one can expect a slight growth to the next resistance zone around $0.54. Such a scenario is relevant until the end of the week.

XRP/USD chart by TradingView

Image by TradingView

Despite the potential bullish weekly closure, the rate of XRP is far from key levels. The low volume confirms that bulls might need more time to accumulate energy for a continued rise. In this case, sideways trading in the area of $0.50-$0.53 is the more likely scenario until mid-June.

XRP is trading at $0.5179 at press time.

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