Ripple (XRP) Price Analysis (May 6)
• XRP/USD market operations yet remain to trade in a range formation around a $0.22 price zone.
• Bears may be taking advantage of the market to push around the $0.22 range line.
• Traders have to be on the lookout for a bearish reversal before placing a long entry.
Ripple (XRP) Price Analysis
• Major supply zones: $0.24, $0.26, $0.28
• Major demand zones: $0.18, $0.16, $0.14
XRP/USD market operations yet remain to trade in a range formation around a $0.22 price zone. Both the crypto-based and the counter-currency are lessening in their driving capacities of the market. Hence, the reason for the continued range trading situation of the crypto-trade.
Bulls in XRP/USD trade now appear a bit lesser in their efforts to move the market out of the current range trading outlook. As a result of that, bears may be taking advantage of the market to push around the $0.22 range line.
Ripple Technical Indicators Reading
The Middle Bollinger Band’s trend-line is at a range trading zone at a $0.22 mark. Both the Upper and the Lower Bollinger Band trend-lines are close around the range trading line. The 50-day SMA trading indicator now trends north-east to touch the Middle Bollinger Band from below. And, smaller 4-hour candlesticks are being formed around the indicators to affirm an ongoing choppy price moves in XRP/USD trade. The Stochastic Oscillators are now consolidating around ranges of 40 and 60 to attest to the current ongoing range price movements of the crypto-economy.
There has been no clear indication as regards witnessing a quick change in the present range trading condition of XRP/USD. However, it would be ideal to see a drop away from the current range point at $0.22 before considering launching a long entry at a spot of bearish reversals.
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.