Trading Signal for XRP/USD (Ripple), for June 15 - 16, 2021: Buy above $0.8540

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In the early American session, the cryptocurrency XRP (Ripple) is trading trapped within a symmetrical triangle since May 20, approaching a potential break towards the 200 EMA zone located at $ 1.0280.

The SMA of 21 is below the current price, which means that a bullish bias would be brewing to break sharply the sloping line of the symmetric triangle pattern.

A breakout and consolidation of $ 0.91 will be a signal that Ripple could advance up to the resistance zone at around 1.0280 (200 EMA). Above this resistance level, it will reveal the first sign of strength. It will indicate that traders and investors have resumed their purchases.

That could drive the Ripple price up to the strong 2/8 murray resistance located at $ 1.1719. However, the bullish outlook for the cryptocurrency market is not in the cards yet as many investors have liquidated their long positions, waiting for some bullish signs of the crypto market.

Our recommendation is to buy above 21 SMA. Another option, if XRP makes a technical bounce off the 0.8540 support, it will be a good opportunity to buy with targets at 1.0280 in the short term.

Support and Resistance Levels for June 15 – 16, 2021

Resistance (3) 0.9843

Resistance (2) 0.9551

Resistance (1) 0.9190

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Support (1) 0.8538

Support (2) 0.7861

Support (3) 0.6993

The material has been provided by InstaForex Company - www.instaforex.com

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