bullish

$XRP price is nearing a key support zone at $1.99 to $2.09 where buyers can step in, as the long/short ratio shows traders are turning bullish.
The XRP price is extending losses today, June 21, with a 1.42% decline to trade at $2.13. The altcoin has been under bearish pressure this month as sellers look for a breakout from the seven-month stability range. However, bulls are fighting to defend their support with long ratios at a new monthly high.


XRP Price Analysis and Forecast
The $XRP price outlook on the daily timeframe shows that the bears have the upper hand. Since the swing high of $2.65 on May 12, Ripple's price has been on a sharp downtrend, and is now entering a demand zone that previously had a reversal.
However, the reversal may not be quick as the CMF indicator is trending lower, indicating that buying pressure is easing. If this indicator continues to fall and turn negative, the outlook may turn bearish, and XRP may fall below $2.
The volume histogram bars, which have been shrinking in size for several months, also highlight waning trader interest towards XRP. This lack of interest has forced XRP into a seven-month period of stability without a clear breakout.

Given this technical structure, it is clear that the short-term forecast for the XRP price is bearish, and as we recently reported, Ripple could fall to $1.80.
Key Levels to Watch
The one-day chart also shows some key support and resistance levels that $XRP traders need to watch to confirm a breakout or breakdown.
One of the key levels is the support zone between $1.99 and $2.09, which XRP has been defending for the past six months after falling from its January peak of $3.40.
If XRP price breaks below this support, it could fall to a multi-month low of $1.61. However, if Ripple's price bounces off this support with strong buying volume like it did in April, it will shake off the "weak hands", allowing room for a healthy price rally.
The main resistance level is at the 200-day SMA at $2.37. Until XRP overcomes this resistance, the momentum may remain under bearish pressure.
However, if it can reach this level and trigger a massive XRP short squeeze as we reported before, it could trigger a bullish move to the next supply zone which is between $2.73 and $2.83.
XRP Longs Hit Monthly High
The long/short ratio shown on Coinglass data shows that traders are starting to lean sharply, which is hopeful for a quick price recovery. The ratio rose to 1.035, a nearly one-month high.

This increase coincided with a 44% increase in derivatives trading volume within 24 hours, highlighting the increased interest of traders opening long positions on the XRP price. If more traders reverse sharply, buying pressure may begin to build and support a strong bounce from support.
Finally, the price of XRP remains under the control of bearish traders as sell-side activity outpaces buy-side activity. Meanwhile, the key support and resistance levels to watch are $1.99 and $2.37 respectively, which will determine whether Ripple crashes further or rebounds.
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