Ripple Price Analysis – May 17

Azeez Mustapha
  • The $0.65 level was a strong support for Ripple.
  • The Ripple price has been range-bound from the resistance level at $0.75 to the support level at $0.65.

Ripple, XRPUSD, CryptoCompare chart

XRPUSD Medium-term Trend: Ranging

Supply Levels:  $0.72, $0.71, $ 0.70                                      

Demand levels: $0.66, $0.67, $0.68      

Yesterday, Ripple price was in a bearish market. It was assumed that, if the price continued its fall, the asset would find support at the $0.60 and $0.56 lows. On the other hand, if the bulls take control, the support level at $0.65 should be used to place long trades. In addition, a stop loss at $0.60 should be put in place. The level is a strong support because it was tested three times.

Today, Ripple price wss trading at $0.69 at the time of writing. The weekly chart shows the asset is trading below $0.70. On the overall view, the price has been range-bound from the resistance level at $0.75 to the support level at $0.65. The asset was resisted three times at the resistance and support levels. A breakout is imminent at these levels.

The bulls took control of the downward trend yesterday. Meanwhile, the relative strength index period 14 is level 57 indicating that the price is in a range-bound zone.

XRPUSD Short-term Trend: Ranging

Ripple, XRPUSD, CryptoCompare chart

The daily chart shows Ripple in a ranging market. The price had a bullish movement from $0.68 to $0.71. Later, the price resumed a range bound movement.

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