Ripple Price Analysis – May 24

Azeez Mustapha
  • The support level at $0.60 can be determined by the use of a bearish trend line if the level is holding.
  • If Ripple's downtrend continues, the asset will fall to a low of $0.50.

Ripple, XRPUSD, CryptoCompare chart

XRPUSD Medium-term Trend:  Bearish

Supply Levels:  $0.64, $0.63, $ 0.62                                    

Demand levels: $0.58, $0.59, $0.60  

The XRPUSD pair was also in a bearish market. The critical support level at $0.65 was broken by the bears. It was a level that the bears had on several occasions been unable to break. Yesterday, it was stated that if the downtrend continued the asset could fall to a low of $0.50. Meanwhile, the asset is currently trading at $0.625. Today, from the weekly chart, the price of the asset has fallen to the low of $0.60.

At a price of $0.60 the asset is in a range bound movement. Remember, if the downtrend continues the asset will fall to a low of $0.50. The support level at $0.60 can be determined by the use of a bearish trend line if the level is holding. Also, when a level has been resisted for more three occasions, it becomes a strong support level and cannot easily be broken.

Meanwhile, the relative strength index 14 at level 61 indicates that the price is in a bullish trend zone. If Ripple’s price rises it may face opposition at the resistance level of $0.65.

XRPUSD Short-term Trend: Ranging

Ripple, XRPUSD, CryptoCompare chart

The price of Ripple is in a range bound movement. At a price of $0.63 and $0.62, Ripple was ranging but fell to the low of $0.58. Later, the asset resumed its range bound movement.

 

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