BARCELONA, Spain – Are you a bear or a bull? This question is important to determine how Ripple’s price action will look for you. XRP tries to test the $0.50 mark after its two-day decline. Although several technical analysis indicators showed that Ripple could gain upward momentum, it seems that for the short-term, bears are winning.
The candlesticks show declines in the charts, and more declines could be expected in the upcoming days. Ripple failed 10% after its rejection at the $0.50 level. A replay of the February 2021 charts could be in play if bears will continue to wipe out liquidity levels. One technical indicator, Elliott Wave, suggests that it is only halfway to the target price that bears are pulling Ripple down to around $0.30 to $0.28.
These predictions could open the door to more buy opportunities while the price is at a dip. A possible rally could occur once the buying pressure becomes strong if this scenario happens.
Experts still believe that XRP could hit the $0.50 level as it revisits it this week, but doubts are high as to if Ripple will be able to keep its ground or fall back again.
Again, this outlook is only for the short term. Ripple remains one of the altcoins to watch out for in terms of gains from a long-term perspective. The whole cryptocurrency market is trying to recover from the losses from last year and the start of this year, and although June might have a bearish outlook, the end of the year looks more promising.
If these predictions are correct, it could be a happy holiday for XRP holders and traders. If the bulls can put enough pressure on the market, Ripple could reach $1.16, a 100% increase in its current price value.