Ripple Price Prediction – May 24

As reveals by the daily chart, the Ripple price is seen recovering from the intraday low of $0.74 amid the improved market sentiments.

XRP/USD Market

Key Levels:

Resistance levels: $1.25, $1.35, $1.45

Support levels: $0.40, $0.35, $0.30

XRPUSD – Daily Chart

XRP/USD regains ground after a severe sell-off to $0.62 for the past few days. Currently, XRP/USD is changing hands at $0.86 as it is rising by 9% since the European session. Despite the recovery, the coin is still lower from this time of yesterday as the coin remains below the 9-day and 21-day moving averages.

Ripple Price Prediction: What to Expect from Ripple (XRP)?

The Ripple price hits hard by the recent market-wide sell-off, with the cryptocurrency’s price erasing the vast majority of the gains that it has been able to gain over the past few months. Meanwhile, a sustainable move above $$1.00 is needed to improve the technical picture and set the bullish ball rolling for the coin as this resistance level has been tested but each time, the bulls always backed off.

However, the daily chart shows that the price recovery is not too far from the lower boundary of the channel. This trend line has been tested as support on several occasions but once it is out of the way, the upside movement is likely to gain traction with the next focus towards the resistance levels of $0.1.25, $1.35, and $1.45 while the supports could be found at $0.40, $0.35, and $0.30 respectively.

When compares with Bitcoin, the Ripple price keeps moving around 2357 SAT below the 9-day and 21-day moving averages. After the coin touches the daily high at 2368 SAT today, the coin later retreated back and stays around the lower boundary of the channel. Meanwhile, as the market price remains below the 9-day and 21-day moving averages, one could say that bears are dominating the market as the sellers continued to put more pressure.

XRPBTC – Daily Chart

However, if the Ripple price slides below the lower boundary of the channel, it may hit the support at 1700 SAT and below. Presently, the technical indicator Relative Strength Index (14) is moving below the 45-level as the market stays around the channel while the resistance levels lie at $3000 and above.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here