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Coin Market Cap - Ripple (XRP) Price & Analysis, June 17, 2021 [CoinMarketCap]. It has been an incredible year for the digital asset XRP, which showed amazing growth in the last couple of months. Announcing in December 2020 that the SEC would sue Ripple for carrying out an unregistered securities offering had a significant impact on the value of XRP going into the new year.
XRP has continued to post three-year highs since then, and reached $1.9669 in mid-April, despite the SEC news. Negative news hit the crypto-verse again in the last few days of May, leading to Bitcoin and XRP dropping to a low of $30k and $0.65, respectively.
Crypterium research analysts forecast that if the $0.80 support is not maintained, XRP could retest $0.65. XRP is currently trading at $0.8464. This is what they said:
"XRP price continues to drop and is down 5.2% on the week. A descending triangle pattern is visible on the chart. Buyers provide solid support around the $0.80 mark.
The coin has not yet shown any signs of growth after the recent declines. As a result, we anticipate a decline to $0.65, with a possible breakdown above that level.
The 200-day moving average is currently the last line of defense of XRP from a bear market, as is true with most digital assets in the crypto market at the moment.
XRP/USDT chart shows that the critical moving average is providing support at $0.72.
A weakened structure by XRP is visible from XRP's daily MACD, MFI, and RSI indicators, all of which indicate a retest of the 200-day moving average.
In other words, if bulls fail to defend XRP at the 200-day moving average, the remittance coin will most likely go on to retest its previous low of $0.65.
Thumbnail Image: "Ripple Blockchain Technology XRP" by BeatingBetting is licensed with CC BY 2.0. To view a copy of this license, visit https://creativecommons.org/licenses/by/2.0/
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