XRP price has crashed in the past few months, moving from a high of $3.40 in January to $2.15 today. It has plunged by over 36% from its highest point this year, meaning that it remains in a deep bear market. It remains 445% above the lowest point last year. This article provides an XRP prediction for June.
XRP Price Prediction for June
Technical analysis is one of the best approaches to predict where a coin will move in a certain period. The daily chart indicates that the XRP price peaked at $3.40 earlier this year and subsequently declined to its current level of $2.15.
This decline occurred during a period when it should have been performing well. Bitcoin has just soared to a record high, while Ripple has had some notable catalysts. For example, the Securities and Exchange Commission (SEC) ended its lawsuit against Ripple, ending one of the worst crises in the last few years.
Ripple acquired Hidden Road in a notable deal that positions it as one of the top prime brokers in the cryptocurrency industry. Its stablecoin, Ripple USD (RLUSD) has continued growing, and is now valued at over $300 million.
Ripple Labs has inked several partnerships, including with companies like Zand Bank, Mamo, and WEIA.
This daily chart shows that the XRP price has remained under pressure in the past few months. It has plunged to $2.15 and has formed a symmetrical triangle pattern. This pattern is now nearing its confluence level, meaning that a big move is about to happen.
The coin has also formed a bullish pennant pattern, a popular bullish pattern. It has also remained above the 200-day Exponential Moving Average (EMA) and the 50% Fibonacci Retracement level.
Therefore, the XRP price is likely to experience a strong bullish breakout, with the next key point to watch being at $3.40, representing a 57% increase from the current level. A drop below the support at $1.6137, its lowest point on April 7, will invalidate the bullish view.
Top Catalysts for Ripple Price
XRP will have several catalysts in June. The most notable catalyst will be the upcoming deadline for the Frankin Templeton XRP ETF on June 17. If approved, the SEC will likely also agree to other similar funds by companies like Grayscale, Bitwise, and VanEck. However, the most likely scenario is where the SEC delays the rollout.
Meanwhile, analysts are highly optimistic that Wall Street investors will welcome XRP ETFs. JPMorgan believes that these funds will receive over $8 billion in inflows in the first year.
Another potential catalyst for the XRP price could be a bid for Circle by Ripple Labs or Coinbase. While Circle is expected to go public, there is a likelihood that Ripple may swing in and place a bid as it seeks to grow its stablecoin business.
Further, any potential big partnerships or buyouts may also have an impact on the XRP price during the month.
READ MORE: XRP Price Prediction: Elliot Wave Points to $5 if Ripple Buys Circle
