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Since the beginning of the month, the Ripple movement appears to have adopted a bearish trend. The cross-border money transfer crypto-asset plunged from a high of $1.71 to $0.65 on May 23 before recovering to highs of $1.1 on June 3.
Ripple seems to be recovering lost ground from its recent down surge that saw the crypto lose a significant amount of value. Due to the slight recovery, Ripple is exhibiting slight reversal signals in the bearish outlook it has been since the beginning of June. At the time of writing, Ripple is exchanging hands at around $0.86.
During yesterday's analysis, the market was awash with news of Donald Trump's skeptical sentiments about cryptocurrency and Bitcoin, likening them to a scam. The former president's actions not only dented the crypto market but pushed Ripple price action further away from the $1 mark. Fortunately, the cross-border token appears to have managed to recover some of its losses during today's early morning trading session.
Today's early morning trading session saw the crypto coin have a choppy start that saw a price reversal to a mid-afternoon intraday low of $0.78 before finding support. On looking at the 24-hour price chart, it is evident Ripple broke down past the 62 percent Fibo retracement level at $0.86 and the first significant support level at around $0.811 before finding support.
At present, the path with little barriers for Ripple is downwards. Therefore, if the crypto asset gets support at either $0.78 or at $0.8, Ripple bulls can get an opportunity to restart an upward price movement. However, in case of another significant price dip, the crypto asset could find itself settling close to its $0.65 primary support line, attained in May.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
