Ripple (XRP) Price Analysis (May 11)
• XRP/USD market now trades in a bearish trend after witnessing a fall yesterday.
• Traders need to be cautious of shorting their positions below $0.18 mark.
• Investors may consider buying from $020 point and, while price dips further below.
Ripple (XRP) Price Analysis
• Major resistance levels: $0.22, $0.24, $0.26
• Major support levels: $0.18, $0.16, $0.14
XRP/USD market’s yesterday trading sessions featured a sharp decline in its worth. The crypto-fiat pair had for several weeks traded in a range-bound manner around $0.22 mark. During falling forces, the crypto’s value momentarily went lower below a support price of $0.18 point.
Currently, the price has slightly reversed to trade around $0.20 value. It shows that the bulls are seemingly striving to make a recovery from the fall of the market. Meanwhile, if the bears’ strength hasn’t completely exhausted, some selling forces will have to come up from around the $0.20 present trading point afterward.
Ripple (XRP) Technical Indicators Reading
The 50-day SMA trading indicator with the Middle and the Lower Bollinger Bands has bent towards the south-east direction. The SMA trend-line and the Middle Bollinger Band are over the current XRP/USD market-trading point. That shows there is a line of value-loses playing out in the crypto’s price. The Stochastic Oscillators have gone downward into ranges 0f 60 and 40. And, they appear to start a consolidation moves within them. That signifies that bearish forces are not yet dowsed fully in the market.
As the pair faces another major fall, there may be a further slow-selling moving mode in the next trading sessions of XRP/USD market, especially while the bulls lack the power to rally past a price level of $0.22 in the medium-term run of the trade. That said, it could now be one of the best investing points as price moves around the $0.20.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.