Ripple Price Analysis & Prediction (June 9th) – XRP Bounces Back from Minor Dip, Gains 3% Today

2023-6-9 10:00

Following the past month’s recovery from $0.48, Ripple (XRP) posted a 10% gain and remained bullish ever since. The price has also recovered from Monday’s dip, looking set to catch more gains in the coming days.

Earlier last month, XRP bounced back from a four-week correction and started to show signs of strength. It later advanced move and remained bullish throughout the month. 

The positive actions continued this month to the high of $0.546 before witnessing a rejection. This rejection was triggered by the sudden drop that hit the crypto market earlier this week. It recovered yesterday and looks prime for a more upward rally. 

While the price charges for a fresh rally, it may encounter a critical resistance level at $0.56, which posed a threat to the bulls in the last swing high. Surpassing this level would confirm a big price movement to $1 from a mid-term perspective. 

Otherwise, the critical resistance level may continue to suppress bullish action until the price breaks through. Currently, there’s no sign of bears in the market. A rejection from the mentioned resistance could lure them back into the market. 

If such a scenario comes into play and the bears manage to pull the price below last month’s support level, they will remain in control for a long period until the buyers show a strong commitment to intercepting the price.

XRP’s Key Level To Watch Source: Tradingview

Considering the current positive actions, the closest resistance right now lies at $0.539 and the $0.56 level that suppressed buying in the second quarter. The immediate resistance above this level is $0.585 and $0.6. 

Currently, XRP holds weekly support at the $0.5 level, followed by $0.487, which the price recently recovered from. A dip below that level could bring the price lower to $0.46 and potentially $0.43.

Key Resistance Levels: $0.539, $0.56, $0.585

Key Support Levels: $0.50, $0.487, $0.46

Spot Price: $0.515 Trend: Bullish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: artmagination/123RF // Image Effects by Colorcinch

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