Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
While the status of XRP remains debatable in the United States of America, the crypto-asset was seeing a tough time in the volatile crypto-market. After the massive fall observed on 19 May, XRP continued to drop to $0.6263. After a brief recovery in late May, however, XRP’s price was consolidating between $0.8215 and $1.07.
XRP daily chart
Source: XRPUSD on TradingView
The daily chart for XRP indicated that the price was majorly moving between $0.8215 and $1.07. As the June volatility kicked in, the asset moved away from its resistance and it has since been on a southbound trend.
XRP, at press time, was trading at $0.8695, and it might continue to trade close to its support due to limited trading activity.
Reasoning
Even though the price has shown restricted movement over the past couple of weeks, the volume has been declining too. This was indicative of the fall in trading activity over time. At the aforementioned price level, the volume remained low and the Relative Strength Index hinted at something similar.
The RSI remained close to equilibrium and suggested that although sellers were pushing, the buying and the selling pressures were close to even. The bearishness in the market was evident with the price remaining low. The Directional Movement Index was noting that the -DI remained dominant as the downward pressure on the price prevailed.
The market did not reflect much momentum for a price swing and given the high bearishness, XRP may continue to trend between $0.8215 and $0.9455, the latter of which was the press time immediate resistance.
Conclusion
XRP’s market has been consolidating for a while now and it may continue to walk on this path as the southbound pressure on the market remains. The alt’s latest price action established its resistance at $0.9455, with the alt needing to push past it to see the price swing higher on the charts.
