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Ripple Price Forecast – XRP/USD Consolidates Below 38.2% Fibonacci Level – Brace for a Breakout!

The XRP/USD was closed at $1.02454 after placing a high of $1.04041 and a low of $0.98419. XRP/USD also rose on Wednesday, posted minor gain

Arslan Butt•Thursday, June 3, 2021•2 min read
Ripple - XRP/USD Chart
 

BUY XRP/USD

The XRP/USD closed at $1.02454, after placing a high of $1.04041, and a low of $0.98419. The XRP/USD also rose on Wednesday, posting minor gains and settling above $1, as the market moved in favor of the coin. The CEO of Ripple, Brad Garlinghouse, and co-founder Chris Larsen, filed a motion demanding that the US SEC inspect Bitfinex’s parent company, iFinex, and 14 other international crypto exchanges. Wednesday’s movement demands documents from many exchanges.

The amended complaint by SEC, against Ripple, accused Garlinghouse and Larsen of selling more than 2B units of XRP to public investors located worldwide. The SEC demanded disgorgement from executives of Ripple, based on that sale.

The Ripple executives denied the SEC’s allegations that they had violated Section 5 of the 1933 Securities Act, emphasizing that Section 5 specifically prohibits the domestic sale of securities without a registration statement. Furthermore, the XRP/USD remained almost flat throughout the day, with minor gains on its side. The rising prices of the Ripple coin could be attributed to the declining prices of the USD. The greenback was weak across the board, as the US Dollar Index fell to 89.91, amid the declining yields. The weak US currency added further upside pressure to the XRP/USD prices on Wednesday.

Ripple - XRP/USD Chart

XRP/USD Daily Technical Levels

Support         Resistance
0.99235         1.04857
0.96016         1.07260
0.93613         1.10479
Pivot Point:  1.01638The XRP/USD pair is trading sideways, maintaining a wide trading range between the 1.07815 and 0.79788 levels. A bullish crossover at the 1.0781 level could drive further buying in Ripple until the next resistance area of 1.2948, as this marks the 61.8% Fibonacci retracement level. On the lower side, the support continues to hold at around 0.7978. The MACD and RSI support a bullish trend, while the EMA is supporting a selling bias. The idea is to take a buy trade upon breakout of the 1.0781 level. Good luck!

 

BUY XRP/USD

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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