Ripple, XRPUSD, CryptoCompare chart

XRPUSD Medium-term Trend:Ranging

Supply Levels:  $0.75, $0.70, $ 0.65                                     

Demand levels: $0.45, $0.50, $0.55   

Yesterday, May 24, the price of Ripple’s XRP had a bearish breakout from the range-bound levels of $0.75 and $0.65.  It broke the support level at $0.65, and the asset fell to a low of $0.60. The assumption was that if the price decline continued, the asset could fall to $0.50. Meanwhile, the asset is currently trading at $0.61.

Today, the token’s price fell to a low of $0.58 but soon made a pullback to over $0.60. At this price level, the asset is making a range bound movement. However, price of the asset has broken the trend line and the candlestick closed on the opposite of the trend line.

This indicates that the bearish trend is over. Traders can initiate long orders above the price of  $0.60 and put a stop loss below the price at $0.58.

XRPUSD Short-term Trend:Ranging

Ripple, XRPUSD, CryptoCompare chart

The price of Ripple’s token is in a bullish trend. The asset fell from a high of $0.61 to a low of $0.58. At $0.58, it made a bullish movement to $0.63. The asset has resumed its range bound movement.

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