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XRP price prediction – An unexpected move can help the altcoin IF…

2min Read

Liq levels could be key for XRP’s price action in the next few weeks.

XRP bulls fail to defend yet another support level, here's what you can expect next

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  • XRP saw its lower timeframe market structure and momentum flip bearishly
  • Despite the strong selling pressure, there is a chance of recovery

XRP has been rangebound over the last ten months. It formed a smaller range over the past two months and did not show signs of breaking out of this range at press time. In fact, the technical indicators suggested that a price bounce from $0.514 might happen.

Alas, this did not come to pass. XRP fell by 14.6% on 7 June, and it did so after bouncing by 10% from its lows, signaling a news-driven impulse move. What can traders expect from the altcoin next?

Lower timeframe mid-range was lost

XRP 1-day TradingView

Source: XRP/USDT on TradingView

The two-month range (yellow) extended from $0.47 to $0.56. The mid-range level at $0.514 served as support earlier this week, but Friday’s Bitcoin [BTC] crash dragged XRP down. This flipped the lower timeframe structure bearishly.

The OBV has been on a downtrend since April. It tried to recover in May, but over the past ten days set lower lows. This revealed that even though XRP was above the short-term range’s mid-level, buying pressure remained weak.

The RSI on the daily chart was also below neutral 50, signaling a downtrend in progress. This, combined with the loss of the psychological $0.5 zone, could see XRP drop as low as $0.45.

Assessing the chances of another sharp drop

XRP Hyblock Liquidation Map

Source: Hyblock

The price action chart and the technical indicators signalled bearishness. On the other hand, the liquidations chart revealed that traders might want to counter-trade the downtrend. The liquidity pockets down to $0.45 have been swept too.

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The next large cluster of liquidity lies at $0.58, which is the mid-range level of the 10-month range. Therefore, though it would be counterintuitive, it seemed likely that XRP might surge towards $0.58 in June before another rejection.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.


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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