Ripple (XRP) Price Analysis (May 7)


Key Highlights

• XRP/USD market now sees lower lows a bit below its $0.22 range trading line.
• XRP/USD market may have to prolong range-trading around the point earlier mentioned.
• A forceful downward move below the range $.22 range trading level will stop around a support level at $0.20.

Ripple (XRP) Price Analysis

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

XRP has been somewhat overwhelmed by the US dollar as its valuation now sees lower lows below a range trading level at $0.22 mark. The USD has continued to hold back the crypto from swinging upward further past a $0.24 high value it achieved on April 30 trading sessions.

In the meantime, bears have not been able to lower the crypto’s value down to a near support level at $0.22 point. Therefore, XRP/USD market may have to prolong range-trading around the point earlier mentioned.

Ripple Technical Indicators Reading

Until today, the Bollinger Band trend-lines are around a line at $0.22, pointing towards the east direction. X The 50-day SMA trading indicator has briefly crossed the Middle Bollinger Band from below and, yet, it also points to the same direction. That shows that the crypto-market still faces a range trading situation. The Stochastic Oscillators have now placed between ranges of 80 and 40. But, they are now attempting to cross at range 40. That signals that bulls are bracing up to make a come-back.

Conclusion

XRP/USD bulls have had some resistance levels to contend with since bears have held price movements into a visible line of range trading conditions around $0.22 point. A forceful downward move below the range $.22 range trading level will stop around a support level at $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.

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