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XRP Trading: Following A Bull Flag Formation, XRP Price May Break

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.

 

 

XRP/USD Market

 

Key Levels:
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.

 

 

XRP/BTC Market

 

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.

 

 

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

                                                                                                                     

 How to buy Bitcoin with Paypal:  https://insidebitcoins.com/buy-cryptocurrency/buy-bitcoin-paypal

 

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