{"id":561956,"date":"2020-06-05T20:17:14","date_gmt":"2020-06-05T18:17:14","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=561956"},"modified":"2020-06-05T20:17:14","modified_gmt":"2020-06-05T18:17:14","slug":"xrps-support-at-0-20-is-still-the-price-level-to-watch-in-june","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/xrps-support-at-0-20-is-still-the-price-level-to-watch-in-june\/","title":{"rendered":"XRP&#8217;s Support at $0.20 is Still the Price Level to Watch in June"},"content":{"rendered":"<p><strong>Quick take:<\/strong><\/p>\n<ul>\n<li><strong>XRP has once again managed to regain $0.20 as support.\u00a0<\/strong><\/li>\n<li><strong>XRP maintaining a value above this level will provide the required confidence for the remittance coin to keep climbing in the markets.\u00a0<\/strong><\/li>\n<\/ul>\n<p>Earlier this week, we saw Bitcoin retest the $10,000 psychological level for the third time since the Coronavirus crash of mid-March 2020. As a result, traders and BTC analysts have identified it as a potential triple top that might lead to Bitcoin losing value in the next few days and weeks. Such a drop might imply that Bitcoin&#8217;s dominance in the crypto markets will keep reducing this providing the much-needed breathing space for XRP to once again thrive in the crypto markets.<\/p>\n<h2>XRP&#8217;s Support at $0.20 is Still the Price Level to Watch in June<\/h2>\n<p>In an earlier analysis, <a href=\"https:\/\/en.ethereumworldnews.com\/fading-bitcoin-btc-dominance-could-signal-a-possible-altseason\/\" target=\"_blank\" rel=\"noopener noreferrer\">BTC dominance was fading<\/a> and at a level of 67%. Checking the Bitcoin&#8217;s dominance chart once again, the value has dropped to 65.97% at the time of writing this.\u00a0This in turn means that once again, XRP&#8217;s support at <a href=\"https:\/\/en.ethereumworldnews.com\/xrp-needs-to-trade-above-0-20-to-edge-out-usdt-on-coinmarketcap\/\" target=\"_blank\" rel=\"noopener noreferrer\">$0.20 is the price level to watch<\/a> as we walk into the new month of June.<\/p>\n<p>To note is that XRP <a href=\"https:\/\/en.ethereumworldnews.com\/top-crypto-analyst-xrp-may-have-bottomed-0-77-possible\/\" target=\"_blank\" rel=\"noopener noreferrer\">still in the falling wedge<\/a> identified by the popular crypto analyst, MagicPoopCannon. In his analysis, Magic postulated that XRP had the potential of reaching a value of $0.77 if the wedge broke to the upside. Further recreating the XRP wedge identified by Magic, we get the following chart.<\/p>\n<figure id=\"attachment_561957\" aria-describedby=\"caption-attachment-561957\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/XRPUSD-June-5th.jpg\"><img class=\"wp-image-561957 size-full\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/XRPUSD-June-5th.jpg\" alt=\"\" width=\"984\" height=\"509\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/XRPUSD-June-5th.jpg 984w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/XRPUSD-June-5th-300x155.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/XRPUSD-June-5th-770x398.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/XRPUSD-June-5th-240x124.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/XRPUSD-June-5th-717x371.jpg 717w\" sizes=\"(max-width: 984px) 100vw, 984px\" title=\"\"><\/a><figcaption id=\"caption-attachment-561957\" class=\"wp-caption-text\">Daily XRP\/USD chart courtesy of TradingView.com<\/figcaption><\/figure>\n<p>Additionally, and from the XRP\/USD daily chart, we observe the following.<\/p>\n<ul>\n<li>XRP&#8217;s current price at $0.203 is above the 50-day and 100-day moving averages that offer some support for the remittance coin.<\/li>\n<li>However, its price is still below the 200-day moving average that is acting as a short term resistance.<\/li>\n<li>XRP&#8217;s short term support lies between $0.18 and $0.17.<\/li>\n<li>Additional major support can be found at $0.11.<\/li>\n<li>XRP is still very much in a falling wedge that could resolve between now and the end of 2020.<\/li>\n<\/ul>\n<h2>Conclusion<\/h2>\n<p>In summary, XRP has regained the $0.20 support zone and is still in the falling wedge MagicPoopCannon identified in mid-May. XRP&#8217;s price needs to maintain a value above $0.20 to inspire enough confidence from traders and investors to initiate a push up above the wedge.<\/p>\n<p>However, as with all technical analysis of altcoins such as XRP, any violent move by Bitcoin to the downside will have a negative effect on the remittance coin. Therefore, keeping an eye out for Bitcoin is advisable and placing adequate stop losses to protect trading capital.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quick take: XRP has once again managed to regain $0.20 as support.\u00a0 XRP maintaining a value above this level will provide the required confidence for the remittance coin to keep climbing in the markets.\u00a0 Earlier this week, we saw Bitcoin retest the $10,000 psychological level for the third time since the Coronavirus crash of mid-March 2020. As a result, traders and BTC analysts have identified it as a potential triple top that might lead to Bitcoin losing value in the [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":561960,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4656],"tags":[84,6957],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/561956"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=561956"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/561956\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/561960"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=561956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=561956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=561956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}