Ripple’s XRP – Weekly Tech Analysis:
Launched in 2012 Ripple is one of the most valuable cryptocurrencies among the crypto community. Ripple recently experienced a decrease in price as it faced SEC allegations but crypto analysts believe that Ripple is still worth buying. They believe in 2021, XRP value is expected to grow.
XRP/USD Major Trend: Bearish
Ripple (XRP) has been in a downtrend after its rejection from $1.10. The altcoin fell to $0.78 low and after two days of consolidation, XRP dropped to $0.73. The RSI period 14 has indicated that XRP has fallen to level 27. In other words, the market has reached the oversold region of the market. Further downside is unlikely as the selling pressure reached bearish exhaustion.
In the previous price action, the market reached a low of $0.6900 before the upward resumption. Meanwhile, on June 4 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that XRP price will fall to level 1.618 Fibonacci extension or level $0.8228. However, XRP has fallen beyond the 1.618 Fibonacci level.
In December last year, the US SEC took Ripple to court, alleging it had been selling XRP as an unregistered security. However, XRP continues to hold a position on the list of the top 7 cryptocurrencies to have in your investment portfolio.
