Ripple: Price Analysis, June 04

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XRP/USD

Ripple bounced off the critical support at $0.56270 and scaled above the 20-day EMA but could not break out of the 50-day SMA. It continues to trade inside a descending triangle, which is a bearish sign. A break below the $0.54 level can extend the fall to $0.45.




XRP/USD

The first sign of strength will be when the XRP/USD pair breaks out of the $0.83 levels. Both moving averages are flattening out, which points to a range-bound action, rather than a trending move.




We shall wait for a couple of days before suggesting any trade on it.

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