Posted In: Forex Trading Posted On: 2019/05/26 22:01 PM Posted By: ituglobal
Ripple (XRP) Price Analysis – May 25
In the past few days of trading, XRP/BTC market has remained to trade in a downward wave as the XRP/USD market follows a side-way movement. Meanwhile, the third largest cryptocurrency has a market cap valuation of $16.23 billion with a trading volume of $1.4 billion, as price trades at $0.388 level.
Resistance levels: $0.42, $0.46
Support levels: $0.34, $0.30
XRP followed an upward movement after rising from the $0.3 in the past two weeks. The price increase saw the market through to the $0.48 before dropping.
Since then, the cryptocurrency has been trading on a side-way, respecting a wedge which has held price action for the past days.
As the market reaches a tight angle of the trend line, a price break may occur at either way. Above the wedge, the bulls may find resistance at the $0.42 and $0.46. Below the wedge, the price may drop to the $0.34 and $0.3 supports.
On the MACD, a bearish trend is suggested as the market plays below the indicator. The RSI is moving side-ways, revealing below the 50 level.
Against Bitcoin, XRP has flagged bearish on a medium-term trend as the market appeared subdued with choppy price action. This suggested that the sellers are gaining control of the market.
The bearish wave is shown on the 4-hours RSI, heading towards the oversold level.
At the moment, the price is shooting at the 4500SAT support. Below this support, the bears may locate support at 4200SAT. If a bullish surge occurs, we can expect quick test at the 5000SAT, 5400SAT and 5800SAT resistances.
The 4- hours MACD has crossed over down to the bearish zone due to the selling pressure in the market. As of now, we can say the XRP market is following a bearish scenario for now.
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