Coin Market Cap - Ripple (XRP) Price & Analysis, June 17, 2021 [CoinMarketCap]
It has actually been an incredible year for the digital asset XRP, which showed incredible growth in the last couple of months. Announcing in December 2020 that the SEC would sue Ripple for carrying out an unregistered securities offering had a substantial impact on the value of XRP going into the new year.
XRP has actually continued to post three-year highs ever since, and reached $1.9669 in mid-April, in spite of the SEC news. Unfavorable news struck the crypto-verse again in the last few days of May, leading to Bitcoin and XRP dropping to a low of $30k and $0.65, respectively.
Crypterium research analysts forecast that if the $0.80 support is not maintained, XRP might retest $0.65. XRP is currently trading at $0.8464. This is what they said:
"XRP price continues to drop and is down 5.2% on the week. A descending triangle pattern is visible on the chart. Buyers provide solid support around the $0.80 mark.
The coin has not yet shown any signs of development after the recent decreases. As a result, we prepare for a decrease to $0.65, with a possible breakdown above that level.
The 200-day moving average is presently the last line of defense of XRP from a bearishness, as holds true with the majority of digital properties in the crypto market at the moment.
XRP/USDT chart reveals that the important moving average is supplying support at $0.72.
A weakened structure by XRP shows up from XRP's everyday MACD, MFI, and RSI signs, all of which suggest a retest of the 200-day moving average.
Simply put, if bulls fail to defend XRP at the 200-day moving average, the remittance coin will probably go on to retest its previous low of $0.65.
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