Looking to long XRP? What you should know
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- XRP hit a key roadblock.
- The H4 market structure was bearish at press time ahead of an expected volatile week.
Most altcoins sustained double-digit losses on weekly fronts amidst increased regulatory pressure from the US. But Ripple [XRP] was an exception, posting 3% gains on the weekly performance, according to CoinMarketCap.
Is your portfolio green? Check out the XRP Profit Calculator
XRP has hit a key price ceiling and resistance level in September/October 2022 and Q2 2023. It is yet to be seen if the level will trigger selling pressure, with Bitcoin [BTC] attempting to cross $26k ahead of the US CPI data release on 13 June.
Can bulls crack the price ceiling?
The red zone of $0.51 – $0.55 is a bearish order (OB) formed on 9 October 2022. It contained further upside moves in April. Despite the uptrend from the second half of May, the H4 market structure was still bearish at press time.
Besides, the $0.51 – $0.55 being a strong resistance level on the daily chart could delay a strong upside move, especially if BTC falters at $26.6k again. Hence, XRP could retrace to $0.500 or $0.418.
Alternatively, a bullish breaker above $0.550 could give bulls an edge and flip the structure to a bullish bias. Such a move could set XRP to rally, but key resistance levels lay at $0.570 and $0.5850.
Meanwhile, the RSI climbed above the 50-median mark, indicating improved buying pressure. Similarly, the OBV has risen from about $4.5 billion in mid-May to above $6 billion at the time of writing, underscoring the improved demand for XRP.
Buyers at a little vantage point, but …
How much are 1,10,100 XRPs worth today?
At the time of writing, most futures market traders were bullish on the asset in the 4-hour timeframe. It shows a mildly bullish outlook for XRP on the futures market. However, given the expected volatility this week, the sentiment can change swiftly.
Traders should track the CPI data on 13 June, the FOMC meeting on 13 – 14 June, and any development surrounding Rippe Labs, Binance, and Coinbase lawsuits for more updates.