XRP / USD, Ripple, having found strong support at the psychological level of $ 0.50, is now trading above the 21 SMA on 4-hour charts around 0.6575. With this bounce of more than 27% profit for a few days, XRP finds some stability.
Crypto investors seem to have calmed down. We believe that the digital currency market could be in a consolidation phase for a new bullish momentum in the medium term.
This market is very volatile. Just as returns are very attractive also in the face of falling prices, you can lose more than 50% in a few days. This is exactly what happened in the month of May and in these last weeks.
The declines that we have seen in recent days are due in part to events that arouse fears and panic among investors and market participants. However, unless long-term fundamentals change, the smart investor should use corrections to buy.
The moving average of 21 (0.6230) will give bullish prospects to Ripple. While it is located above this level, we believe that there will be a good opportunity to buy with targets at 0.7812 there is the 4/8 of murray.
On the other hand, a correction to the 61.8% Fibonacci area will be also a good opportunity to buy, there also converges the 3/8 of murray, which acts as double support.
Our recommendation is to buy above the 21 SMA or if it makes a technical bounce at 3/8 Murray with short-term targets at 0.7812. The eagle indicator is showing a bullish signal.
Support and Resistance Levels for June 25 - 28, 2021
Resistance (3) 0.7823
Resistance (2) 0.7360
Resistance (1) 0.7073
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Support (1) 0.6323
Support (2) 0.5860
Support (3) 0.5573
