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XRP Price Analysis for June 29

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Thu, 29/06/2023 - 18:00
XRP Price Analysis for June 29
Cover image via www.tradingview.com

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Some coins keep setting new local peaks, while others have entered a correction phase, according to the CoinMarketCap ranking.

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Top coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

The rate of XRP has declined by 0.48% over the last 24 hours.

XRP/USD chart by TradingView

Image by TradingView

On the hourly chart, the price of XRP might have found a local resistance level at $0.4729. If the decline continues until the end of the day, there is a high possibility the rate near the support at $0.4620 tomorrow.

XRP/USD chart by TradingView

Image by TradingView

On the daily time frame, neither bulls nor bears are controlling the situation as the rate is far from the main levels. Even though the rate has made a false breakout of the support at $0.4556, XRP is not ready yet for a mid-term rise as not enough energy has been accumulated so far.

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In this case, sideways trading in the area of $0.46-$0.4750 is the more likely scenario for the next few days.

XRP/USD chart by TradingView

Image by TradingView

A similar situation in the weekly time frame. However, if the bar closes below the previous candle closure at $0.4716, sellers can seize the initiative that can lead to the fall to the $0.44 range.

XRP is trading at $0.4680 at press time.

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