Can Ripple Break Below $0.55 Significant Event Level?


Ripple has become non-volatile and broke below $0.65 to $0.64 support level. Can Ripple sustains its bearish momentum and break below $0.55 significant event level? What are the charts and technical indicators are saying? Read more to find further insights into today’s XRP/USD Technical Analysis. 

June 22, 2021, | AtoZ Markets – Ripple price dropped today during the London session against the U.S. Dollar. Ripple is currently trading around $0.54 price area and trying to decline further downside. After rejecting $1.10 to $1.00 resistance level, the bears have regained momentum and push the price down quite impulsively, and hit April 2021’s lowest level. As per the current price action context, the price may face strong support around $0.55 to $0.56 support area in the coming days.

Ripple May Break Below as the Bears Are Still Optimistic

XRP/USD is currently residing near $0.54 price area and trying to push lower. However, the Bollinger Bands’ lower band is holding the price as strong support on the intraday chart.

Ripple Break

Image: XRP 4 Hour Chart

According to the 4-hour chart, Ripple is currently trading around $0.54 price area and may break below. As per the current price action, if the price can have an impulsive 4-hour bearish candle close below $0.56 to $0.55 support area, the bears may sustain the bearish pressure towards $0.46 to $0.45 area in the coming days. On the contrary, if the price bounced higher from $0.55 to $0.56 price area with a bullish candle, the bulls may regain momentum and push the price upside towards $0.64 to $0.65 area in the days ahead.

In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may pull the price higher as a mean reversion. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process. However, the Bollinger Bands’ lower band is still holding the price as strong support. It indicates that the bulls may regain momentum in the days ahead.

XRP May Revert Back to the Mean

According to the daily chart, Ripple is currently trading around $0.54 price area and may break below the support level. As per the current scenario, if the price can have an impulsive daily bearish candle close below $0.56 to $0.55 price area, the bears may continue to push the price downside towards $0.46 to $0.45 price area in the coming days. Alternatively, if the price can have a daily bullish candle close over $0.55 to $0.56 support level, the bulls may regain momentum and push the price upside towards $0.73 to $0.75 area in the days ahead.

Ripple Break

Image: XRP Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing over the price, which may pull the price higher as a mean reversion. Along with this, the MACD lines are currently residing below the 0.00 level and had a bullish crossover. Besides, the histogram has created a bullish divergence. Both indicate that the bulls may regain momentum in the process.

To conclude, after an impulsive bearish momentum, the price requires an upward retracement. An impulsive daily close is needed to identify the definite momentum in the coming days. 

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