Ripple has seen a respectable 47% price increase during May 2019, bringing the cryptocurrency above the previous stagnant trading range to breach above $0.4 and reach $0.4463. Ripple has seen a further 7.75% price rise over the past 7 trading days, causing the market cap for the coin to rise to $18.9 billion.
Source: CoinMarketCap
With Ripple now on a bullish trajectory, it is very possible the cryptocurrency will breach the $0.5 level and climb further higher during June 2019. In this article, we will take a look at the resistance on the way up toward $0.50 for Ripple. To reach the $0.5 target level, Ripple will need to increase by a total of 12% from the current trading price.
The target level is pretty close, and Ripple will most likely be able to climb much further higher beyond $0.5 during June 2019 if the bulls remain in charge.
Ripple Price Analysis
XRP/USD – MEDIUM TERM – DAILY CHART
What Has Been Going On?
Ripple started the month of June off on strong footing, as the coin has climbed from the $0.42 level to $0.44. The cryptocurrency managed to reach a high above $0.48 during May 2019, but the market was still only able to close at the $0.46 level. This level of resistance is provided by a long-term bearish .618 Fibonacci Retracement level (drawn in red), measured from the November 2018 high to the December 2018 low.
Where Is the Resistance Toward $0.5?
If the buyers continue to cause XRP/USD to climb higher, initial resistance above the market is expected at the aforementioned $0.46 resistance level. Above this, further resistance is expected at $0.48 and $0.49 before Ripple is clear to make an attempt at the $0.50 level.
Above $0.50, further higher resistance is then expected at the bearish .786 and .886 Fibonacci Retracement levels (drawn in red), priced at $0.5098 and $0.5384 respectively. To reach the level of $0.5384, Ripple will need to increase by a total of 21% from the current trading price.
What If the Sellers Push the Market Lower?
Alternatively, if the sellers pressure the market lower, strong support can be found at $0.4380, $0.4335, $0.40, $0.39, and $0.38.
Conclusion
Ripple most certainly has the potential to increase by 12% and reach the target level of $0.50 during June 2019. In fact, Ripple can possibly increase by a total of 21% to reach a high of $0.5384 during the month. However, Ripple will first need to break above the strong resistance around $0.36 before achieving this.
