Ripple Price Analysis – May 22

  • If price breaks the critical support level at $0.65, a short trade should be initiated and a stop loss is placed above the support level.
  • If price holds at the support level at $0.65, a long trade should be initiated and a stop loss is placed at a price of $0.60.

Ripple, XRPUSD, CryptoCompare chart

XRPUSD Medium-term Trend:  Bearish

Supply Levels:  $0.85, $0.80, $ 0.75                                      

Demand levels: $0.55, $0.60, $0.65   

Yesterday, May 21, price of Ripple was in a bullish market but the bulls were resisted at a price of $0.70. However, if the asset was to reach the previous highs, the resistance level at $0.70 has to be broken. Price of Ripple will resume its range bound movement if price fails to break the resistance level at $0,70. Ripple asset is currently trading at $0.66 as at the time of  writing.Today, price of Ripple has fallen close to the critical support level at $0.65.

If price holds at the critical support, a long trade should be initiated and a stop loss is placed at a price of $0.60. However, if price breaks the critical support level, a short trade should be initiated and a stop loss is placed above the support level. Meanwhile, the relative strength index period 14 is level 42 indicates that price is in the range bound zone.

XRPUSD Short-term Trend: Ranging

Ripple, XRPUSD, CryptoCompare chart

Price of Ripple is in a smooth downtrend. Price is making a series of lower highs and lower lows. As price pulls back from its recent low, a resistance level is created as the downtrend resumes.

 

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