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XRP bulls defend $0.517-level, but will the uptrend continue?

2min Read

The higher low at $0.501 was briefly violated on 5 June, which signaled bearish intent. However, demand for XRP has been steady recently.

XRP bulls defend the $0.517 level, but will the uptrend continue?

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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.

  • The market structure showed signs of flipping to bearish, but the uptrend was not yet broken.
  • Buying pressure behind XRP was steady in June even though sentiment in the crypto space was bleak.

At a time when Bitcoin and a good chunk of the altcoin market trended downward, XRP remained on the uptrend initiated in mid-May. This lower timeframe bullishness was reinforced by the daily timeframe price action as well.

Is your portfolio green? Check the XRP Profit Calculator

Investor sentiment was on the rise, as was Open Interest in the asset. While a verdict in the dispute between the SEC and Ripple Labs [XRP] was not yet out, the XRP community remained positive that it would go their way.

The 50% retracement level was defended despite a shift in character to bearish

XRP bulls defend the $0.517 level but will the uptrend continue?

Source: XRP/USDT on TradingView

The XRP market structure has been bullish on the daily timeframe since March, after the January rally set a higher low on the long-term price chart. On the shorter-term charts, this bullish bias was challenged in early June.

The higher low at $0.501 marked in orange was briefly violated on 5 June. This signaled bearish intent. Moreover, XRP bears were able to form a lower high at $0.5384. However, even though the market leaned in favor of the bears on H4, the trend remained bullish. In order to shift the trend, XRP must fall below $0.4867.

A set of Fibonacci retracement levels were plotted based on Monday’s move. They showed the 50% retracement level at $0.5169 was defended but noted candlewicks below this level, once again underlining bearish intent.

However, the RSI remained above neutral 50 to show upward momentum. The OBV has also been in an uptrend in the past two weeks, denoting strong buying pressure behind XRP. A move above $0.538 will likely see XRP move higher once more.

The mean coin age took a hit but was the dormant circulation a greater concern?

XRP bulls defend the $0.517 level but will the uptrend continue?

Source: Santiment

The 90-day mean coin age was in an uptrend from late March to late May. It took a sharp drop on 1 June, when the 90-day dormant circulation also posted a six-month high. This surge underlined the chance of intense selling pressure in the market.

Read XRP’s Price Prediction 2023-24

Yet the selling volume was not high, and furthermore the mean coin age metric began to rise higher once more. The MVRV ratio of XRP was positive as well, showing short-term buyers held unrealized profits. A rise in MVRV could presage a wave of profit taking.


Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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