Need support?

  • Blog
  • News
  • XRP Continues Its Fight: July Can Be Decisive For The Ripple Price
XRP Continues Its Fight: July Can Be Decisive For The Ripple Price - Binaryx

XRP Continues Its Fight: July Can Be Decisive For The Ripple Price

XRP is at a crossroads today: after reaching high in April, the price of the asset turned back and tested the lower support level of $0.181. Experts expect July to become the litmus test for determining the XRP price movement in the second half of 2020. So who will lead the XRP: bulls or bears? 

XRP price fluctuation

The first quarter of 2020 for XRP was a test of resistance to a sharp change in market conditions. Like other crypto assets, XRP experienced a fall in March, but by the end of April was able to restore market performance. Under bull pressure, the XRP price rose to $0.23, according to April 29 data.

In May, the XRP tried to stay in the price range just above $0.21 with slight price deviations up or down. But the bearish impulses could not be avoided: as a result, XRP tested the support level at $0.193. Traders were noticeably worried when XRP continued to decline in price and settled at $0.181.

Testing the lower support levels may result in XRP either a breakthrough or a continuation of the fall down. If the bulls consolidate and can push the XRP price above $0.181, there is a high probability that the token will reach the level of $0.20.

So far, analysts have been cautious in making forecasts regarding the market dynamics of XRP in July. The situation aggravated by the fact that bullish impulses were absent on the XRP technical charts during the last month. If the bears continue to put pressure on the price of XRP, the token may fall below the key support level of $0.162.

What will happen to the price of XRP if the bears win?

Some analysts suggest that the price of XRP may fall to $0.146. About evidence of technical analysis of market stability XRP. In particular, today the MACD indicator signals a possible movement of the token price in a downtrend. If the volatility of XRP remains high, shortly we can witness a sharp rebound in the price in the next lower support levels.

Thus, for XRP in June, it is important to stay in the price region from $0.162 to $0.20. In this case, XRP can build up technical strength to give momentum to the bulls.