XRP Price Movement Analysis for 9th June, 2021

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The Ripple litigation has been a ping-pong match, with motions submitted, refused, and parties objecting. As market volatility remains high, these developments have had an influence on the movement of XRP. Since May, the asset has experienced surges followed by corrections.

At the time of publication, the asset was trading sideways at $0.8658.

XRP 12-hour chart

XRP had twice rejected support at $1.06 and was currently stabilising at $0.86. The market’s extreme bearishness may keep the price low, but it might fall even more. The market was indicating more selling pressure, which might send XRP down below $0.7851.

Argumentation

In the current period, Visible Range designated the point of control at $1.38. This represented a 57 percent increase over the existing price and was a challenging aim to meet. However, trade activity has remained constant at the $0.86 price level, causing the price to drift sideways.

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The ensuing consolidation has slowed pace as well. Despite the fact that the Awesome Oscillator has been below zero since early May, consolidation has squeezed out even the negative momentum. Traders may need to be on the lookout for a sudden increase in volatility.

The stochastic RSI stayed in the oversold zone, reflecting the market’s strong selling pressure. Nonetheless, the indication signalling a battle from the buyers as the RSI attempted to cross the signal line.

In conclusion

The XRP market was experiencing limited activity within a narrow price range. As the Parabolic SAR markers went above the price bars, it detected downward pressure. This bearishness may cause the price to fall to $0.7851. At the time of publication, the market lacked impetus.

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