Disclaimer
Despite initially holding above a crucial support level, the price of XRP took a downward turn, dropping below the significant $0.50 threshold.
This decline coincided with ongoing legal disputes involving major cryptocurrency exchanges like Binance and Coinbase. Compounding the downward pressure, the recent decision by Robinhood to delist select altcoins led XRP’s price to plummet to as low as $0.48, mirroring the broader market downturn.
However, XRP demonstrated resilience as its price swiftly rebounded, briefly surpassing the $0.52 mark. . Seeking further insights, Finbold turned to the cryptocurrency community on CoinMarketCap, leveraging its price estimate feature.
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Interestingly, the community boasts an impressive historical accuracy rate of 88.76% in predicting XRP’s performance over the past six months, with a recent accuracy of 90.49% as of May 2023.
According to community predictions, XRP’s price at the end of June is projected to reach $0.4792, indicating a 7% decrease from its current value.
XRP price analysis
XRP is currently trading at a price of $0.5164, showing a modest increase of 1.68% within the past 24 hours. However, over the course of the last week, XRP has encountered a decline of 3.06%, indicating a period of decreased market performance.
The market capitalization of XRP currently stands at approximately $26.8 billion signifying its total market value based on circulating supply and current price.
XRP has established a support level at $0.48144, which indicates a price level where buying pressure has historically outweighed selling pressure, potentially acting as a price floor. Conversely, it has encountered a resistance level at $0.55466, representing a price level at which selling pressure has historically outweighed buying pressure.
Crypto market trading analyst Michaël van de Poppe “XRP still keen on a breakout upwards for the coming week.”
$XRP still keen on a breakout upwards for the coming week. https://t.co/xiC3PodZnK pic.twitter.com/Vj8kvQiKry
— Michaël van de Poppe (@CryptoMichNL) June 11, 2023
Van de Poppe’s analysis of XRP suggests that the cryptocurrency is currently encountering a significant resistance level. While it has recently tested the upper price range, it has not yet retested the lower levels. According to van de Poppe, if XRP experiences another downward move, returning to the established range, he would consider buying at the $0.48-0.49 price range.
In order to sustain its upward momentum, XRP would need to surpass the $0.55 mark in a relatively swift manner, as per van de Poppe’s assessment.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
