Disclaimer: The conclusions of this analysis should materialize on the charts over the next 24 hours.
After spending close to 4 days under its resistance at $0.190, XRP briefly touched the important level during the early hours of 23 June. While a pullback right after saw the price drop down to $0.188, at the time of writing, an analysis would suggest that further movement should be expected over the next few days.
XRP remained 4th on the cryptocurrency rankings, behind Tether [USDT], at press time, with a registered market cap of $8.35 billion. However, over the past 24-hours, the significantly low trading volume of $1.83 billion was stalling any momentum in the XRP market.
1-hour XRP chart
As observed in the attached chart, XRP’s valuation was oscillating between the trendlines of a descending channel from 17 June to 20 June, declining from $0.194 to $0.183. However, as previously predicted, the crypto-asset registered a bullish breakout and managed to consolidate at a higher range.
Although the initial target was to reach $0.190, the first pullback came after the crypto-asset touched $0.188 on 21 June. However, XRP re-tested its resistance at $0.190 on 23 June 02:30 UTC, before sliding back down to $0.188.
At press time, the lack of any significant bullish momentum was evident, hence, a breach above $0.190 seems unlikely. The psychological pullback support (white line) remained at $0.187, which should be XRP’s immediate base, however, the trading zone for the crypto-asset remained between $0.190 and $0.186.
Over the past 24-hours, XRP registered a bearish breakdown from an ascending channel and the pullback underlined may possibly point to another re-test at 0.190 in the next few hours.
Furthermore, the drop in trading volume, alongside the price, implied a trend reversal as well.
Market indicators favored the bearish side of the market as the MACD line remained under the signal line on the charts. Further, the Relative Strength Index or RSI suggested a neutral trend, but the selling pressure may gain further momentum on the charts.
XRP unlikely to breach $0.190 over the next 24 hours. The trading zone between $0.190 and $0.186 will hold strong until the end of June.
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