The cryptocurrency market has left behind a very active month. In May, BTC increased by 11 percent, XRP by 3.40 percent, and ETH by 24.83 percent. The Spot Ethereum ETF agenda has set #ETH apart from other cryptocurrencies. Meanwhile, BTC, impacted by the Mt. Gox incident, the US Fed's interest rate policy, and hacking scandals, failed to break the $70,000 resistance. XRP also did not satisfy its investors.
With these events behind us, all eyes are on June. Coinpedia's chart analysis for XRP, BTC, and ETH provides key insights. Among the most anticipated altcoins, XRP has disappointed many investors, failing to sustain its long-standing upward trend. Despite the ongoing lawsuit with the #SEC, #XRP did not achieve the expected rise.
In the past day, XRP increased by only 0.25 percent, and over the past week, it saw a 3 percent decline with increased volatility. Compared to other altcoins, XRP's performance in May was weak, resulting in a 15.59 percent loss in value since the beginning of the year.
According to the analysis, #XRP's 50 and 200-day moving averages act as resistance, complicating its rise. The MACD, a technical indicator, shows a flat trend, indicating uncertainty about XRP's future movement.
If the bulls gain strength, XRP might surpass the $0.5340 resistance, with the $0.60 resistance playing a crucial role. Crossing the major resistance at $0.60 could push XRP to $0.6575. Conversely, if XRP weakens, it may test the $0.48 support and potentially drop to $0.42 if this support fails.
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