XRP/USD Price Analysis – June 15, 2023

Daily Price Outlook

XRP faced an 8% price crash following the release of the Hinman documents, shifting the focus of the cryptocurrency market. The SEC vs. Ripple litigation took a favorable turn for XRP, but investor concerns about the future caused a decline despite expectations of a positive impact on the token’s price.

On June 14, XRP experienced a significant drop of nearly 8% after the disclosure of the Hinman documents. Although the price managed to recover from the support level of $0.47 and was trading at $0.48 at the time, there is still a reasonable risk of further decline based on broader market signals and price indicators.

Even if the trend of the altcoin changes and the price of XRP starts to rise, it may take time for it to stabilize due to the overall market instability. Overcoming the crucial barrier at $0.54, which is also the 2023 high, would require a 15% increase. However, if the barrier turns into a support level, it would refute the bearish argument.

Despite the unsealing of the long-awaited Hinman documents, the price of Ripple (XRP) remains relatively unchanged. Contrary to expectations, the remittance token only saw an 8% increase after the publication, which was subsequently erased. XRP bulls are conserving their energy as the summary decision deadline set by Judge Torres approaches.

XRP/USD Price Chart – Source: Tradingview

XRP/USD – Technical Analysis

Ripple recently showcased its dance moves on the technical floor, completing a 61.8% Fibonacci retracement near $0.470. Despite facing difficulty in surpassing the resistance at $0.5426, the price has taken a downward turn.

But don’t fret, as a bullish candlestick pattern has emerged near the 61.8% retracement, indicating the possibility of a dance move in the opposite direction.

If the rhythm continues, the cryptocurrency pair could groove towards the next resistance levels at $0.4873 and $0.5051. However, the other dancers on the floor are sending mixed signals.

The 50-day exponential moving average is showcasing some impressive footwork, acting as a significant resistance at the $0.5044 level, while the relative strength index and moving average convergence divergence are spinning in a neutral zone.

To synchronize with the rhythm, it’s advisable to hit the dance floor with long positions above the $0.5053 level and short positions below the $0.4700 level. The battle between these levels will determine the future dance routine, which we’ll unveil in our upcoming forecast.