XRP price outlook
XRP is likely to correct another 7% after wiping out 3% of its value on Tuesday. At the time of writing, the 8th largest cryptocurrency is trading at $0.48.
XRP may find support at the June 7 low of $0.45, down nearly 7% from current levels. $0.4665, the April 19 low, could act as another support for XRP.
The relative strength index (RSI) fell to 35.03, quite close to the oversold level of 30. The signal line crossed above the Moving Average Convergence Divergence (MACD) on Thursday, June 6, in a price reduction move. The red histogram bars below the neutral line in MACD support the bearish thesis for XRP.
If XRP can close the daily candle above the June 10 high of $0.50 it would invalidate the bearish thesis. The next target is the 50% Fibonacci retracement level at $0.53 of the decline from the April 9 high of $0.64 to the April 13 low of $0.41.
