The Ripple XRP market continues to be seen as Bearish this week, however markets can change directions at any given moment. If you are a bullish XRP investor the price maybe just right for you.
Buying the Dip
When it comes to the cryptocurrency market, “buy the dip” is used to describe the opportunity of investing in a coin or token that has experienced a short or long-term decline in its price. Another reason an investor would buy the dip, its an opportunity to buy before the token price rises again.
XRP/USD Major Trend: Bearish
On June 22, Ripple’s (XRP) price reached bearish exhaustion as the market declined to the low of $0.51.The bulls bought the dips as the market reached the high of $0.73. The bulls failed to sustain the bullish momentum above the recent high. XRP is also facing rejection at the 21-day SMA.
XRP/USD – 4 Hour Chart ( 07/03/2021 7:30 pst)
On the upside, if the bulls break the recent high, Ripple will revisit the previous highs of $0.96 and $1.10. Conversely, if XRP faces rejection from the recent high, the crypto will fall and find the next support at $0.51. However, if the bears break the $0.51 support, Ripple will decline to $0.35 low. Meanwhile, on May 23 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that XRP price will fall to level 1.618 Fibonacci extension or level $0.355.
