On the 14th and 16th of June XRP/USD stumbled to within sight of 29 cents. As of this writing Ripple is trading slightly above the 35 cents level, which can be argued is a solid gain. However, the month of June began with XRP/USD trading above the 41 cents mark. On the 10th of June XRP/USD was still trading near 40 cents. Considering the volatility seen in the broad cryptocurrency market, the ability of XRP/USD to be trading near 35 cents as June gets ready to conclude may be a small victory.
However, traders within XRP/USD who are pursuing speculative positions may remain skeptical about Ripple’s value as July gets ready to start. The ability of XRP/USD to stay above 30 cents is likely an important psychological reference point for the value of Ripple, if this juncture were to give into a serious selling storm it could open the door for a considerable amount price velocity to have an effect downwards.
XRP/USD can be viewed as having traded in a consolidated manner during the month of June, but in a percentage ratio, given the fact that Ripple trades in cents – large changes of value do take place. Speculators need to be cautious with XRP/USD because of the fractional trading that occurs within its digital landscape. Depending on the amount of leverage being used a one cent move in XRP/USD can become a costly endeavor. Traders are advised to use cautious leverage and entry price orders, so they are able to start a wager with XRP/USD that meets their expectations when a trade is ignited and the value changes do not rip apart their trading accounts.
XRP/USD does mirror it major cryptocurrency counterparts, nervousness in the broad market has a definite effect on the price of Ripple. On the 23rd of June XRP/USD was trading near 0.32200, and on the 24th of June the price of Ripple climbed to a short term apex of nearly 0.38550. The change of value in one day with a gain of more than 6 cents was significant. However, since reaching this short term high XRP/USD has incrementally stumbled again and is now testing important support.
Ripple Outlook for July
Speculative price range for XRP/USD is 0.23700 to 0.44000.
If downside price momentum continues to build in XRP in the near term there is reason to suspect the 33 to 34 cents range can prove important. If the 33 cents juncture were to falter this could set off another storm of selling and targeted anticipation that the 32 and 31 cents marks will start to be flirted upon. Should XRP/USD react to a new storm of selling in the broad cryptocurrency market, there is reason to suspect the 29 cents level could be tested again.
Although the 29 cents level held during June, if another wave of selling grows within the broad crypto market, this level may prove vulnerable. From a technical long term chart perspective if the January 2021 prices of 27 cents came into focus this could set off a firestorm of pressure in XRP/USD. Any sustained move below 27 cents could trigger further selling and a potential move to marks seen in October and November of 2020, when XRP/USD traded near 24 cents. Traders should keep their ambitions realistic when pursuing their positions and be willing to cash out profitable wagers if they are produced.
Traders looking for upside price action in XRP/USD should look for fast trades until the bearish trend can be declared dead, and that will take some doing. XRP/USD is within lower depths, so looking for short term reversals higher which target 36 cents is reasonable, but stop loss orders should be used at all times in case the market continues to track lower. If the 36 cents level is punctured higher, traders could aim for 37 and 38 cents. Looking for higher price levels can be done, but it should be remembered that the highs for XRP/USD were only around the 41 cents range in June and this occurred in the first week of the month.