XRP price is down over 70% from the April high and 50% from the June 1 rebound high at the time of writing, creating a challenging price structure to extract meaningful gains on a sustainable basis. However, today there is a convergence of three technical indicators that may signal that Ripple is near a new trading low or the beginning of a slow process of building an investable low for a new bull market.
Bitcoin price tumbled to $28,600, hitting the lowest level since January 4. The level is more than 50% below the April record high. So far, BTC/USD has been able to recover the 30K area but still remains under pressure. A consolidation below $30,000 would point to more losses ahead.
SHIB price continues to consolidate after failing to break above a critical resistance trend line. Shiba Inu has failed to galvanize investors’ enthusiasm, almost falling to retest June 12 lows. The dog-themed cryptocurrency has managed to recover slightly, but a 5% dip below the current price may push it lower. SHIB price has been sealed in a downward trend since mid-May, struggling to record higher highs.