Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- XRP hit a major roadblock.
- The H4 market structure was bearish ahead of an expected volatile week.
Most altcoins suffered double-digit losses on weekly fronts amid increasing regulatory pressure from the US. But Ripple [XRP] was an exception, with a 3% gain on weekly performance, according to CoinMarketCap.
Is your wallet green? look at the XRP Profit Calculator
XRP has reached a major price cap and resistance level in September/October 2022 and Q2 2023. It remains to be seen whether the level will create selling pressure, with Bitcoin [BTC] attempting to cross $26,000 ahead of the release of US CPI data on June 13.
Can bulls crack the price ceiling?
Source: XRP/USDT on TradingView
The red zone from USD 0.51 – USD 0.55 is a bearish order (OB) formed on October 9, 2022. It contained further upward moves in April. Despite the uptrend from the second half of May, the H4 market structure was still bearish at the time of writing.
In addition, $0.51 – $0.55 would be a strong resistance level on the daily chart, which could slow down a strong upward move, especially if BTC falters again at $26.6k. Therefore, XRP could return to $0.500 or $0.418.
Alternatively, a bullish breaker above $0.550 can give bulls an edge and flip the structure into a bullish bias. Such a move could send XRP into a rally, but the main resistance levels were at $0.570 and $0.5850.
Meanwhile, the RSI climbed above the 50 median, indicating improved buying pressure. Similarly, OBV has risen from about $4.5 billion in mid-May to over $6 billion at the time of writing, underscoring the improved demand for XRP.
Buyers on a small vantage point, but…
Source: Coinglass
How many Worth 1,10,100 XRPs today?
At the time of writing, most traders in the futures market were bullish on the asset in the 4-hour time frame. It shows a mildly bullish outlook for XRP in the futures market. However, given the expected volatility this week, sentiment could turn quickly.
Traders should be following the CPI data on June 13, the FOMC meeting on June 13 – 14 and all developments surrounding Rippe Labs, Binance and Coinbase lawsuits for more updates.