Key Takeaways
- The XRP price retested the key support zone of $2 following a strong bullish break, as the price now faces resistance around $2.6.
- If the price of XRP trades above $3 in June, there is strong bullish speculation that XRP will hit new all-time highs.
- XRP is fundamentally bullish, but the price has struggled in the last four months to complement market sentiment.
Ripple’s price has fallen short in the last four months, as it has failed to break above the key resistance zone of $2.6 for several weeks. In May, the price attempted a rally to the upside but failed to close above this zone, flipping it to support.
The XRP price trading above $2 is a result of its previous price crash of over 60% towards a low of $1.6, as the price of XRP rebounded to reclaim its support zone of $2, indicating a strong bullish reaction. The bulls remain dominant on the price, preventing bears from taking control.
XRP’s price heading into May saw a significant decline towards key support despite breaking out of its bearish downtrend in the early weeks of May, with the price retesting the trendline cleanly, indicating a potential flip to the upside for XRP’s price.
Does the price of XRP have what it takes to break out above its key resistance, preventing the price from making the needed rally to the upside of $3 in June based on market sentiment and institutional adoption?
XRP Fundamentals Could Aim Bullish Price Action
However, the tension surrounding tariff wars continues to persist, leading to sell-offs across the cryptocurrency market, especially for XRP, as its price crashed from a region of $2.4 toward the $2 key support level.
On-chain activities for XRP have dropped significantly in the last couple of weeks as whales are on the sidelines, paying close attention to the price action of XRP despite strong fundamentals suggesting the price of XRP hasn’t aligned with bullish fundamentals, leaving price to continue in its range price movement.
A breakout above $3 in June could lead to a strong price rally to the upside, potentially reaching $5 and beyond for XRP, as the current price faces a minor setback compared to the overall price trajectory for XRP.
XRP Price Prediction For June – Is Price Going Up or Down
Source – XRP Price Action For June From TradingView
XRP’s price continues to defend its key support zone of $2 following a strong breakout from its bearish downtrend around $1.6. The price has attempted to break above $2.65 on two occasions but has faced a decline towards its lower price region.
The price of XRP, which has been protecting its key demand zone of $2 and breaking its long-standing resistance of $2.65 in June, could signal a significant change in the market trend for XRP. Whales and investors are keeping a close watch on its price action before making a significant investment decision.
If XRP trades above $3, there are high chances of a potential rally toward $5 and beyond in the coming weeks of June.
