Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• XRP hit a key roadblock. 
• The H4 market structure was bearish at press time ahead of an expected volatile week.

Most altcoins sustained double-digit losses on weekly fronts amidst increased regulatory pressure from the US. But Ripple [XRP] was an exception, posting 3% gains on the weekly performance, according to CoinMarketCap. 

Is your portfolio green? Check out the XRP Profit Calculator 

XRP has hit a key price ceiling and resistance level in September/October 2022 and Q2 2023. It is yet to be seen if the level will trigger selling pressure, with Bitcoin [BTC] attempting to cross $26k ahead of the US CPI data release on 13 June. 

Can bulls crack the price ceiling?

The red zone of $0.51 – $0.55 is a bearish order (OB) formed on 9 October 2022. It contained further upside moves in April. Despite the uptrend from the second half of May, the H4 market structure was still bearish at press time. 

Besides, the $0.51 – $0.55 being a strong resistance level on the daily chart could delay a strong upside move, especially if BTC falters at $26.6k again. Hence, XRP could retrace to $0.500 or $0.418. 

Alternatively, a bullish breaker above $0.550 could give bulls an edge and flip the structure to a bullish bias. Such a move could set XRP to rally, but key resistance levels lay at $0.570 and $0.5850. 

Meanwhile, the RSI climbed above the 50-median mark,

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Author: Suzuki Shillsalot

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