Ripple Price Analysis – June 5

Azeez Mustapha
  • If the asset breaks the resistance level at $0.70, the price will reach the high of $0.80. 
  • If traders had placed long trades at the support level of $0.55, they would have made partial profits by now.

Ripple, XRPUSD, CryptoCompare chart

XRPUSD Medium-term Trend: Bullish

Supply Levels: $0.67, $0.68, $ 0.69

Demand levels: $0.65, $0.64, $0.63

Yesterday, June 4, price of Ripple had been range bound between the levels of $0.55 and $ 0.65. The price of Ripple had been fluctuating above and below $0.60. Yesterday, the asset had a bullish breakout at the price of $0.65 and price of the asset rose to the high of $0.70. Nevertheless, it had a pullback from the high of $0.70 to the low of $ 0.65. Presently, Ripple is trading at $0.66 as at the time of writing.

From the weekly chart, the price of Ripple is in a bullish market and trading above the price of $0.65. At the support of $0.55, the price of Ripple is achieving a series of higher highs and higher lows. Such movement will create support levels for day traders. If traders had placed long positions at the support level of $0.55, they would have made partial profits by now.

The bullish trend is confirmed by the 20-day moving average and 50-day moving average which are trending upward. If the asset breaks the resistance level at $0.70, price will reach the high of $0.80.

XRPUSD Short-term Trend: Ranging

Ripple, XRPUSD, CryptoCompare chart

On the daily chart, the price of Ripple is in a ranging market. The asset ranges with no specific pattern. It is also trending upward to the high of $0.66.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.