XRP / USD (Ripple) has been trading below the downtrend line and oscillating between a price range of USD $ 1.07 and USD $ 0.78 (4/8) for the last few days. The fact that buyers have not pushed the price above the 200 EMA ($ 0.99) in recent days suggests a lack of demand at higher levels.
On the other hand, the market has entered a period of consolidation below the line of the bearish channel that has been drawn since May 21, which now exerts downward pressure on Ripple.
The 200 EMA ($ 0.9923) is just above the bearish channel, so the selling pressure is likely to continue to intensify as long as Ripple remains below this level.
If bearish pressure leads it to trade below 4/8 murray ($ 0.7812), the selling will intensify and the bears may take it to the low of $ 0.6478.
The Ripple is likely to remain below the 21 SMA and 200 EMA for a longer period of time, and the trading volume will be limited.
Above the 200 EMA, Ripple (XRP) could take a further bullish momentum and reach the 6/8 murray resistance zone located at $ 1.1719.
Our recommendation is to sell below the SAM of 21 with targets at 0.7812, and wait for a technical bounce in this zone to buy with targets at $ 0.8705 and $ 0.9923.
Support and Resistance Levels for June 18 – 21, 2021
Resistance (3) 0.8915
Resistance (2) 0.8752
Resistance (1) 0.8533
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Support (1) 0.8151
Support (2) 0.7988
Support (3) 0.7769
