XRP Price Update: Will it Continue to Dip or Get Back Up Again?
DUBAI, UAE – Since May, Ripple has been highly volatile in its value. While everything looked up at the start of the month, the bears continued to pull the price lower down. XRP now dipped from the previous support level of $0.63 to almost $0.50 to $0.55. However, if you look at a larger scale, it is still not enough to say that a bearish movement is on the move since Ripple was in the same place three times looking back one year ago.
If the decline continues in the bearish momentum, then experts could retest the support levels of Ripple. If the demand for the coin will not be able to stack against the supply, you might look at a $0.42 support level in the upcoming days.
On the 20-day moving average scale, Ripple is at $0.65. On the 50-day MA, it is at $0.74. On the 100-day MA, it is hovering at $0.75. On 200-day MA, it is at $0.83. These values show that it is too early to tell if Ripple will continue with its bearish movement or not.
On a 4-hour chart, the XRP failed to surpass the thick Ichimoku cloud as it dipped below $0.56. The cloud on the resistance level of $0.60 is decreasing, though, and if that were to continue, experts could also retest the resistance level. If Ripple cannot rise above the clouds, it could dip to the $0.5 support level, which we mentioned above.
No one can tell for sure if the XRP will be able to get back higher than the resistance level as it did three times in the past year. Many things affect its fluctuating price, number one being the dip in the entire cryptocurrency industry.
