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Looking to long XRP? What you should know

2min Read

XRP’s rally on the crossroads amidst an expected volatile week and key overhead resistance.

Looking to long XRP? What you should know

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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?

Source: XRP/USDT on TradingView

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 …

Source: Coinglass

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


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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