when

With anticipation building up for a possible <a href="https://coingape.com/markets/is-xrp-etf-next-in-line-despite-ripple-vs-sec-lawsuit-xrp-price-to-hit-10/" rel="noopener noreferrer nofollow">XRP ETF</a>, investors anxiously anticipate a crucial decision in the SEC vs. Ripple legal battle. The SEC recently rejected Ripple’s request to keep remedies-related documents confidential, increasing the tension in the case. At the same time, a large XRP investor has attracted the market’s focus. According to <a href="https://coingape.com/xrp-price-whale-moves-32m-coins-judge-torres-decision-looms-what-next/" target="_blank" rel="noopener noreferrer nofollow">Whale Alert</a> data, whale Rzn sent 31.8 million XRP, valued at $16.87 million, to Bitstamp, an exchange based in Luxembourg, in the past day. This specific transaction is notable among the favorable response to the <a href="https://coingape.com/trending/what-is-the-fit21-crypto-bill-key-insight-more/" rel="noopener noreferrer nofollow">FIT21 crypto bill</a>, which clarifies the categorization of cryptocurrencies as securities, increasing confidence among <a rel="noopener noreferrer nofollow" href="https://ripple.com/" target="_blank">Ripple</a> supporters. With investors keeping a close eye, the main concern is whether XRP price will reach the $1 milestone in June.
<h1 id="strong-current-market-performance-of-xrp-price-strong">Current Market Performance of XRP Price</h1>
<img decoding="async" class="aligncenter size-full wp-image-198988" src="https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-27-142559.png" alt="Market performance of XRP price" width="2502" height="1252" srcset="https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-27-142559.png 2502w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-27-142559-300x150.png 300w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-27-142559-1224x612.png 1224w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-27-142559-768x384.png 768w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-27-142559-1536x769.png 1536w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-27-142559-2048x1025.png 2048w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-27-142559-150x75.png 150w" sizes="(max-width: 2502px) 100vw, 2502px">
XRP price has been trading between a low of $0.5238 and a high of $0.537, settling at $0.5292. This shows performance levels across different time frames because of significant price fluctuations. In the past day, the token saw a drop in its value, following a 2.92% and 2.73% over the past week and month respectively.
XRP has experienced an increased trading activity soaring by 31.61% to reach approximately $802.3 million in trading volume and $29.3 billion in the past 24 hours.
<h2 id="strong-technical-analysis-of-xrp-price-strong">Technical Analysis of XRP Price</h2>
The Moving Averages provide a varied perspective. The 10-day EMA is currently at $0.52887 and signals a recommendation to buy, whereas the 10-day SMA at $0.52954 shows a suggestion to sell.
Over a slightly extended period of time, the 20-day EMAs and SMAs indicate opportunities to buy, with prices at $0.52598 and $0.52021, respectively. This trend remains consistent until the 50-day SMAs, indicating a positive trend.
Nevertheless, the 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> shows a slight bearish trend at $0.53510.
When we increase the time frame to 100 and 200 days, the indicators become negative. The sell signal is indicated by both the 100-day and 200-day SMAs and EMAs, indicating that there is not strong momentum for a substantial upward trend in the long term. The conflicting signals from various time periods suggest short-term possibilities but advise caution for the long run.
The <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a>, which assesses the pace and direction of price changes, is currently at 51.20, placing it in a neutral range. This means that XRP is currently neither experiencing excessive buying nor selling, so there is no urgent influence pushing the price up or down.
The <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/" rel="noopener noreferrer nofollow">MACD</a>, a widely used momentum indicator that follows trends, indicates a buying opportunity at 0.00146, hinting at potential bullish movement.
Identifying possible support and resistance points is crucial when analyzing Fibonacci retracement levels. The pivot point for XRP is located at $0.52200. The levels of support are quite low, at $0.40136 and $0.30289, suggesting possible declines if bearish momentum strengthens.
On the flip side, the resistance levels are $0.62047 and $0.74111, each. The important level, signaling a potentially major uptrend, is at $0.96022, near the $1 mark.
<h2 id="strong-is-1-imminent-for-xrp-price-in-june-strong">Is $1 imminent for XRP Price in June?</h2>
With conflicting signals from different technical indicators, reaching $1 for XRP in June seems challenging but not impossible. The shorter moving averages and certain indicators such as MACD indicate the possibility of upward momentum.
Still, it is advisable to proceed with caution due to the extended moving averages and the neutral position of the RSI in the long run.
To reach a value of $1, XRP price must overcome strong resistance and maintain a positive upward trend. The wider market conditions, investor sentiment, and news regarding Ripple’s legal challenges and cryptocurrency regulations will also have a crucial impact.
Hence, though short-term technical analysis indicates some positive indicators for an increase in value, conflicting signals and strong resistance points indicate that reaching a significant rally to $1 could face some obstacles. Investors need to observe the indicators and general market trends carefully as June progresses.
The post <a href="https://coingape.com/blog/will-xrp-price-hit-1-in-june/" rel="noopener noreferrer nofollow">Will XRP Price Hit 1 in June?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Will XRP Price Hit 1 in June?

Зміст

Coingape News Media

Інші статті, опубліковані 27 трав. 2024 р.

Bitcoin Faces Resistance as May Ends

Arbitrum Price Surges 30% Post Ethereum ETF Approval

DeFi Blue Chips: Which Tokens Doubled Their Volumes After Ethereum ETF Approval?

JPMorgan Doubts SEC Approval for Solana and Crypto ETFs Post-Ethereum

Ethereum gains 5% in 24 hours: Start of post-ETF approval pump?

BlockDAG’s Innovations in Speed & Scalability Predicts 30,000x ROI; XRP Rises on Social Media Buz...

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!