​XRP may revisit key support zone

​​​XRP may revisit support zone

​XRP bearish case:

​Monday's XRP rejection by the mid-June highs at $2.3300-to-$2.3381 is taking the cryptocurrency back down towards its key $2.0845-to-$2.0360 support zone. It consists of the mid-April-to-June lows.

​A fall and daily chart close below this support area would likely have negative implications for XRP and may lead to the early April and late February lows at $1.9604-to-$1.9509 being revisited. The March low at $1.9011 may in this scenario also be reached.

​Immediate downside pressure will remain in play while the current June highs at $2.3300-to-$2.3381 cap.

​XRP bullish case:

​Provided that the $2.0845-to-$2.0360 major support zone underpins on a daily chart closing basis and a rise above the $2.3300-to-$2.3381 resistance area is seen, a break out of this month's sideways trading range to the upside may unfold.

​In this case the 200-day simple moving average (SMA) at $2.3835 is likely to be reached and, if overcome, the 23 May high at $2.4801 may be reached as well.

​Further up lies the May peak at $2.6542.

XRP daily candlestick chart

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