• About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
Monday, July 4, 2022
  • Login
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
No Result
View All Result
Home Market Analysis

Ripple Price Prediction for June 2021 — Will it Rebound to $1?

June 14, 2021
in Market Analysis
Reading Time: 6 mins read
0
Ripple Price Prediction for June 2021 — Will it Rebound to $1?
Share on FacebookShare on TwitterShare on RedditShare on Whatsapp


Ripple’s battle with the SEC could prove to be pivotal for June’s price action

Ripple (XRP) has proven to be one of the most profitable crypto assets for traders in 2021. Its price stood in the vicinity of $0.22 at the start of this year, and managed to climb up to a 90-day high of $1.96 on April 14.

After a tough May that wiped out a good chunk of these gains, June provides an opportunity for XRP to dig in its heels and kick-start a resumption of the bull run. Will today’s price of around $0.85 look like a bargain in a few weeks’ time?

Ripple Price Analysis

Ripple’s price was hovering at the $0.85 mark at the time of writing this piece, shadowing FIB 0.236 level at $0.88. After breaking out of its unimpressive run over the past couple of years, XRP touched the $1.96 point on April 14. It has been mired in a long-term regulatory controversy and legal concerns, but nevertheless was able to muster a solid bullish move alongside other cryptocurrencies, starting early February, achieving notable success by April’s end.

XRP/USD Daily Chart. Source: TradingView

XRP’s price came tumbling down from its May 18 high of $1.70 to a low of $0.93 the next day, owing to the crypto crackdown in China. The downside momentum pushed XRP to a 30-day low of $0.64 which was last seen on April 5, just before it broke into a bullish run.

XRP has struggled alongside most other cryptocurrencies over the past 3 weeks, traversing the $0.88 support level, close to values that haven’t been traded since the first week of April. It began the month of June near the resistance level at $1.02 (FIB 0.382). The bulls looked good for a breakout, seeking a fresh upside, and wanting to test the resistance at $1.26 (FIB 0.618).

Resultantly, XRP touched a high of $1.08 on June 3, but this was just before Elon Musk’s late-night tweet the same day, regarding his fallout with Bitcoin, which pulled back many cryptocurrencies including Ripple. On the whole, it has been in a bull-bear battle since the May crash, moving back and forth between the $1 and $0.80 price points.

Where to buy Ripple (XRP) today

Plus500

Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC license number (#250/14)


Register with Plus500 instantly

Ripple Price Factors for June

There are several fundamental factors that could influence the price of XRP this month. Let’s have a look at a few.

SEC Losing the Upper Hand

How Ripple’s ongoing legal battle against US Securities and Exchange Commission (SEC) unfolds could be key to XRP’s price. In December 2020, SEC had sued Ripple and two of its main executives for selling XRP tokens, which as per them were unregistered securities. The last we heard Ripple had accused the SEC of noncompliance by sharing communications related to Ether, Bitcoin and XRP. It had also started seeking pertinent documents from 15 different exchanges, in relation to this lawsuit.

If Ripple does come out on top in its battle against the SEC, we can expect a significant uptrend in the XRP/USD market, with the scope of discovering new highs. In fact, PrimeXBT has gone as far as claiming that XRP may climb up to $20 in that eventuality, correcting back to a $3-4 range within the next couple of years.

The Bigger Picture

Other than the above, Ripple recently announced that it will add NFT support on the XRP ledger, thereby minimising the gas fees associated with NFT transactions. Given the astonishing growth of the NFT space during the 2020/2021 bull market, there is a strong possibility that this development will also impact XRP’s price in the coming weeks.

Additionally, the US Consumer Price Index (CPI), Fed’s outlook towards the US economy, the unfolding of crypto regulatory restrictions in China and Elon Musk’s love-hate relationship with crypto, especially Bitcoin, are all going to potentially impact XRP’s price for the remaining part of June 2021. Keep your eyes not just on Ripple, but on the wider world too.

Ripple Price Forecast

Going by how the XRP/USD chart looks right now, the $0.80 and $1 junctures seem extremely important in determining where the price will be headed towards the end of June. Traders should be closely monitoring this price range, to see if either of the levels is breached.

At the time of writing, XRP/USD hadn’t yet entered its February/March 2021 price band, but had broken the $0.88 support (FIB 0.236), and was closing in on the new-found support at $0.80. Please note, if the downward trend continues, the lower support level of $0.64 may also come into play, and get tested for the first time since early April. That will certainly also test the bulls’ and holders’ sentiments, amidst fears of another leg down.

Combined with a poor technical perspective, such negative sentiment may lead to further selling pressure, possibly bringing the early April figures (near $0.57) within range. At the moment, XRP/USD is in a bearish trend and you won’t be faulted if you pursue the lower rungs of the current price range. That being said, it may be wise to sell during small reversals, in the knowledge that present resistance levels may likely prevail.

XRP/USD 4-Hour Chart. Source: TradingView

On the other hand, it is clearly evident that with the XRP/USD oscillating between $0.80 and $1 over the past couple of weeks, it has led to the creation of a symmetrical triangle, which may potentially cause a rebound upwards soon, leading to a bullish uptrend. The first resistance level to get tested would be the FIB 0.382 near $1.02, which if crossed may make traders comfortable with the idea of a bullish reversal. It may then potentially lead to a bull rally, challenging further resistance levels at $1.26 (FIB 0.618) and $1.43 (FIB 0.786).

As of now, with the RSI at 40, the MACD overlapping the signal line, and the past few weeks’ candles being well under the 50 SMA, there is a case to be made for both bullish and bearish action. Those who believe the crypto market will turn around this month can target the $1 region, whereas the pessimists among us may be looking to short XRP down to $0.80 or even lower.

A bullish scenario could certainly play out if Ripple’s SEC case continues to churn out favourable news, and this might sway investors to lean towards a long position and that elusive $1 target.

eToro

Min. Deposit

160€

Exclusive promotion

Access the world’s most popular Crypto assets including Bitcoin, ETH, LTC, XRP

Automatically copy the trades of top Crypto traders

Deposit using PayPal + 9 other deposit options available (not available to US users)

Payment Methods:

Credit Card, Debit Card, Wire Transfer, PayPal, Skrill, Neteller, Yandex, WebMoney, MoneyGram

Full Regulations:

FCA, CySEC, ASIC, AMF

Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US.

Please keep in mind, the details offered in this piece are entirely a personal opinion of the author, derived from the pertinent market data. These shouldn’t be perceived as direct investment advice.

Related articles

North Korea Hacked, funds, crypto, stolen

North Korea Is The Leader In The World In Crypto Crime: Report

July 3, 2022
Top 3 crypto assets to buy for a 1-year investment strategy

FTX token price outlook after BlockFi acquisition deal

July 2, 2022



Source link

Share2Tweet1ShareSend

Related Posts

North Korea Hacked, funds, crypto, stolen

North Korea Is The Leader In The World In Crypto Crime: Report

July 3, 2022
0

North Korea is the leader in the world in crypto crime cases with hackers being implicated in crypto-jacking, thefts,...

Top 3 crypto assets to buy for a 1-year investment strategy

FTX token price outlook after BlockFi acquisition deal

July 2, 2022
0

FTT holds steady at a $24 support level. FTX exchange to acquire BlockFi for $240 million. The Crypto sector...

Monero (XMR) Falls again from the crucial $180 supply zone

Monero’s price movement and prediction as hardfork edges closer

July 2, 2022
0

Monero’s is set for a hardfork on August 13 The network promises anonymity in crypto transactions Monero’s native token...

Cosmos tries to find support at $26 after a 45% drop in two weeks

Cosmos token ATOM forecast as price turns bullish

July 2, 2022
0

Cosmos is regarded as the internet of blockchains Cosmos’s token ATOM has gained by double digits in 24 hours...

Is Binance Coin (BNB) worth buying today?

Should you buy BNB at the current $215 support level?

July 2, 2022
0

BNB faces bearish pressure at a key support level The token is down 68% from its ATH Crypto market...

Load More
  • Trending
  • Comments
  • Latest
cryptology

Cryptology Launches Passive Income Product | NewsBTC

September 15, 2021
US Senator Lummis Buys More Bitcoin, Seeing BTC as 'Excellent Store of Value'

US Senator Lummis Buys More Bitcoin, Sees BTC as ‘Excellent Store of Value’ – Featured Bitcoin News

October 9, 2021
Bank of America Executive Sees Crypto as Asset Class: 'I Don't View It as Competition at All'

Bank of America Executive Sees Crypto as Asset Class: ‘I Don’t View It as Competition at All’ – Featured Bitcoin News

November 7, 2021
Small Business Owners Study Says Los Angeles Ranks the Most Crypto-Friendly City in the US

Small Business Owners Study Says Los Angeles Ranks the Most Crypto-Friendly City in the US – Bitcoin News

September 24, 2021
MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

0
Floyd Mayweather – Boxing Champion Promoted an ICO

Floyd Mayweather – Boxing Champion Promoted an ICO

0
Cannabis Industry Going Crypto | CryptoPost

Cannabis Industry Going Crypto | CryptoPost

0

Why South Korea Decided To Ban ICOs?

0
MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

July 4, 2022
Is Bitcoin (BTC) Dead? How Does It Affect DeFi Projects Like Gnox (GNOX) And UniSwap (UNI)? | NewsBTC

Is Bitcoin (BTC) Dead? How Does It Affect DeFi Projects Like Gnox (GNOX) And UniSwap (UNI)? | NewsBTC

July 4, 2022
Tether CTO Defends USDT Reserves Disclosure, Plans To Undergo Full Audit

How Stable Is Tether? Data Shows USDT At Massive Liquidity Imbalance

July 4, 2022
Bank of Russia Ready to Legalize Crypto Mining If Miners Sell Minted Coins Abroad

Bank of Russia Ready to Legalize Crypto Mining If Miners Sell Minted Coins Abroad – Mining Bitcoin News

July 4, 2022

Recommended

KRebels Pre-Sale and Public Sale is Coming Up. Secure Your KRebels NFTs at a Lower Price! | NewsBTC

KRebels Pre-Sale and Public Sale is Coming Up. Secure Your KRebels NFTs at a Lower Price! | NewsBTC

January 13, 2022
GameStop launches a non-custodial crypto wallet compatible with NFTs

GameStop launches a non-custodial crypto wallet compatible with NFTs

May 23, 2022
Significant downside risk could push Decentraland

Significant downside risk could push Decentraland

April 30, 2022
Apeiron Roars to Life with NFT Presale Selling 2.5M USD in Just 4 Hours | NewsBTC

Apeiron Roars to Life with NFT Presale Selling 2.5M USD in Just 4 Hours | NewsBTC

April 15, 2022

Recent News

MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

July 4, 2022
Is Bitcoin (BTC) Dead? How Does It Affect DeFi Projects Like Gnox (GNOX) And UniSwap (UNI)? | NewsBTC

Is Bitcoin (BTC) Dead? How Does It Affect DeFi Projects Like Gnox (GNOX) And UniSwap (UNI)? | NewsBTC

July 4, 2022

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Business
  • Ethereum
  • Guide
  • ICO News
  • Litecoin
  • Market Analysis
  • Press Release
  • Regulation
  • Ripple
  • Stablecoin
  • Trading
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

CryptoReception © 2021 All rights reserved

No Result
View All Result
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading

CryptoReception © 2021 All rights reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.