In the early American session, Ripple XRP is trading at 0.8559, below the SMA of 21 on a daily chart. It suggests that there is strong downward pressure.
If the price falls from the current level to the 200 EMA zone located at 0.7126 or stops earlier at the 0/8 murray zone at 0.7812, there may be a technical bullish bounce, and it would be a good opportunity to buy at these levels.
This negative view will be invalidated if the bulls take the price above 0.9519 where the bearish pressure line is located and the SMA of 21. In case of a break above this level, Ripple XRP could rise to the resistance zone of $ 1.2735.
The level of 0.95 to 1.00 has now become a strong resistance to be taken into account because a break above it will suggest that the downward trend has ended and the price could start a new bullish cycle. So, the price could reach the maximum of $ 1.95 in the medium term.
Our recommendation is to wait for this support levels that we have indicated in the chart to be able to buy XRP. Alternatively, if it consolidates above 0.95, it will be a good opportunity to buy with short-term targets at about $ 1.27.
Support and Resistance Levels for June 08 – 10, 2021
Resistance (3) 0.9489
Resistance (2) 0.9051
Resistance (1) 0.8408
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Support (1) 0.7941
Support (2) 0.7476
Support (3) 0.7269
