Ripple (XRP) Price Analysis (May 4)

Key Highlights

• There have been significant ups and downs in a range style around $0.22 XRP/USD price level.
• XRP/USD bears’ energy appears weak to push down the market.
• A sudden dip into the major support levels down to $0.16 will be another best time to invest.

Ripple (XRP) Price Analysis

• Major resistance levels: $0.24, $0.26, $0.28
• Major support levels: $0.20, $0.18, $0.16

There have been significant ups and downs in a range moving formation around $0.22 price level over a couple of trading day’s sessions. The US dollar a bit prevailed over the crypto’s weight earlier on in today’s sessions as price had averaged slightly past a low market level between the $0.22 and a support level at $0.20 point.

Despite some corrections since price hit a resistance at $0.24 mark on April 30th bears have not been able to gain a better advantage of the crypto-trade. The bulls appear to be build energy from a price support level around $0.20.

Ripple (XRP) Technical Indicators Reading

The 50-day SMA trading indicator and the Lower Bollinger Band’s trend-line are tightly seen together between the $0.22 and $ 0.20 lines. And, they point to the east to indicate the presence of some range price moves of the market currently. The other Bollinger Bands also point to the same direction in support. The stochastic Oscillators have moved downward from range 80 to 20. And, they now briefly attempt to cross the hairs to point to the north. That signals the possibility of seeing a line of ups returning in the crypto-economy soon.

Conclusion

The overall verdict as regards XRP/USD market operations is that it would be more ideally safe to be on the lookout for bearish reversal moves before launching long positions, especially during the present range trading position of this market. A sudden dip into the major support levels down to $0.16 will be another best time to invest.

 

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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Ben Jordan
Ben Jordan
Ben began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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