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- Ripple at a Crossroads:
Ripple's price is trading around $1.03 at the time of this report on Friday, maintaining its steady decline after the 50-day exponential moving average capped its recovery at around $1.28 on June 15. Ripple's price reversal now extends toward the psychological support level of $1.00, which forms a fair value gap between $0.92 and $1.00.
The persistent rejection of lower prices in the daily candlesticks reflects slight buying pressure on the dip, while the Relative Strength Index (RSI) shows a clear bullish divergence, indicating a potential double-bottom rebound. However, the MACD is trending below the signal line, suggesting a short-term bearish bias.
Looking upward, a bounce in XRP price above its February 6 low of $1.11 could extend to the 50-day exponential moving average level of $1.22.
Nevertheless, a daily close below $1.00 could lead to a sharper correction toward the lower FVG support level at $0.92, followed by the next FVG level around $0.77.
$XRP
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading lower on Friday after three straight days of losses, as they test the critical support levels for each. The prevailing bearish pressure weighs negatively on the chances of a rebound, despite potential positive indications from the Relative Strength Index (RSI).
The technical outlook is extremely bearish for Bitcoin, Ethereum, and XRP, as continuing the decline on Friday could offset any chance of a rebound.
- Can Bitcoin’s price fall from $60,000?
Bitcoin’s price hovers just below the $60,000 level on Friday, maintaining a downtrend. However, buying pressure at the key support level delays a clear downtrend below this psychological level, while the price remains below the 50-day exponential moving average (EMA) at $67,849 and the 200-day EMA at $77,100.
That said, the Moving Average Convergence Divergence (MACD) indicator stabilizes near the signal line, indicating weakening momentum while remaining fragile. In contrast, the Relative Strength Index (RSI) hovers above the oversold level near 30, suggesting continued bearish pressure. However, the RSI value is higher than it was during the prior decline to $60,000, indicating bullish divergence. This supports the possibility of a double-bottom reversal in Bitcoin’s price if sellers fail to impose clear control.
Looking at the downside, Bitcoin’s key support level below $60,000 sits at its July 5, 2024 low of $53,485.
On the upside, immediate resistance is at the 50-day EMA around $67,849, reinforcing the broader bearish structure.
$BTC
$ETH
$XRP