Ripple (XRP) Price Analysis (May 12)


Key Highlights

• XRP/USD now features series of lower swing lows than lower swing highs below a $0.20 mark.
• $0.18 remains a critical price line of XRP/USD bearish trend.
• Bears will stop around $0.16 if more selling forces occur beyond a $0.18 price line.

Ripple (XRP) Price Analysis

• Major distribution territories: $0.22, $0.24, $0.26
• Major accumulation territories: $0.18, $0.16, $0.14

XRP/USD trade now moves in a range featuring series of lower swing lows than lower swing highs below a price line of $0.20. Despite an initial push past $0.18 mark on May 10, an accumulation territory yet found at the trading line. Price now fluctuates around the $0.20 point.

The bulls are facing a point around the $0.20 and, a relaxation of energy at that area; will result in letting down the market values to revisit a low point around $0.16 accumulation area afterward. All that said, the bears may keep the XRP/USD market in a prolonged-range moving mote, especially while volatile price moves are not in play.

Ripple Technical Indicators Reading

The Middle Bollinger Band trend-line is underneath the 50-day SMA trading indicator and, they both point towards the south-east direction over the market trading line. There is a formation of a line of small candlesticks denoting an ongoing choppy price moves in XRP/USD trade. The Lower Bollinger Band trend-line is now attempting to straight-up flat at a $0.18 mark. That showcases it as a key line that sellers will contend within their path-moving to the south at a later trading period. The Stochastic Oscillators have continued to consolidate closer to range 40 from the top.

Conclusion

There potentially seems that XRP/USD market operations will witness a prolonged-range trading moves around a $0.20 mark for a while. On the downside, the bears will have to push below the $0.18 current accumulation area to find a sit around the next value of $0.16. Meanwhile, if that assumption plays out, there’ll be a formation of reversal price moves in no time.

 

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.

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