Market Analysis

RIPPLE PRICE ANALYSIS & PREDICTION (May 29) – XRP May See Another Dip If Bulls Fail To Return, Still Ranging

XRP has seen a little recovery since last month but the price is still trapped in a range bound, looking for a key break point to initiate the next major move. It is currently down 2% today after rejecting a key level.

Bouncing sharply off the $0.42 level in April, which led to a halt in the first quarter corrections, XRP formed a series of higher lows and lower highs and subjected the price actions to a sideways movement, although it is still looking much bearish on the daily timeframe.

The last two weeks of trading have been impressively in favour of the bulls following a 12% increase. But looking at the latest drops, which came as a result of a new lower high formation at $0.55, the price may turn in favour of the bears from a short-term perspective. 

A dip below the $0.46 level could roll the price back to April’s low before finding solid support. In the opposite direction, XRP must see a strong monthly close above April’s high to confirm a bullish market structure shift on the daily timeframe.

Amid the recent rising volume in the crypto market, it remained indecisive as it continued to trade between the range of $0.45 and $0.55 since the bounce-off.

XRP’s Key Level To Watch

Source: Tradingview

If XRP manages to create a new higher low at $0.55 in the latest drop, the immediate support to watch is $0.478. Losing it could dip the price to $0.419 and potentially $0.38.

Towards the upside, it is holding the $0.57 resistance level that serves as an upper range. A push through that level could bring the price to $0.6 and potentially $0.645 

Key Resistance Levels: $0.57, $0.6, $0.645

Key Support Levels: $0.478, $0.419, $0.35

  • Spot Price: $0.526
  • Trend: Neutral-Bearish
  • Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: fellowneko/123RF // Image Effects by Colorcinch

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