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XRP price increased by 5% on June 12, reaching $0.49, but gains were erased after the main FOMC announcement. Bitcoin price, on the other hand, is at a critical support level. Although strong and previously tested several times, if the support breaks, Bitcoin price could fall to $57,000.
What’s Happening with XRP?
XRP’s price has been volatile for the past two months. After rising during the mini rally in February-March, XRP has not reached these high levels again. Currently, the asset fluctuates between $0.55 and $0.47. Additionally, XRP price movement is below the 50-day and 200-day simple moving averages, which is not a positive development for the asset.
However, XRP’s weekly macro chart shows a bullish scenario where the asset is in an uptrend. Zooming out can provide a better perspective as it filters out hourly or daily noise to show a clear trend. XRP price has been testing low levels for the last 728 days. In a bearish scenario, there are two main support zones that will keep the asset afloat: $0.45 and $0.43 levels.
At the second support level, XRP will still remain above the previous low and maintain the uptrend. Conversely, a rise from here could cause XRP price to reclaim the $0.55 level before targeting $0.72. On the other hand, Bitcoin price seems to be surpassing the $66,000 support level, aiming for $72,000. Both Bitcoin and XRP are in consolidation zones and need to decide on a direction soon.
Notable Details for Ripple
Ripple is at the forefront of integrating banks into blockchain, but XRP’s price has been under pressure for a long time, especially since the legal process between Ripple and the SEC began, XRP price has remained largely stable.
Meanwhile, Ripple Labs and XRP developers continue to advance in technology and collaboration by establishing irresistible fundamentals. Recently, Ripple partnered with Archax to integrate real-world assets (RWA) worth hundreds of millions of dollars, tokenized, into the XRP Ledger (XRPL) network.
