Ripple Price Analysis – May 29

Azeez Mustapha
  • The market value of XRPUSD could still witness a slight decline but it may not last.
  • The bulls are expected to sustain the current stride in the market for several hours or days to come.

XRPUSD Daily Trend – Bullish

Distribution territories: $0.60, $0.61, $0.62.

Accumulation territories: $0.57, $0.56, $0.55.

Ripple experienced a significant  fall in price while been traded against the US dollar- for a couple of days. XRPUSD witnessed strong selling pressures until the early hours of today. The market value was eventually taken up as the bulls exerted their pressure.

Ripple, XRPUSD, Cryptocompare chart

The price has initially touched the distribution territory of $0.60 before allowing a retracement. At the time of writing, the price is averaging above the accumulation territory of $0.59. The 13-day SMA has crossed the 50-day SMA from the top but is currently pointing northwards from underneath. The Stochastic Oscillators have moved all the way through from the oversold zone and currently point northward above the range 80 in the overbought zone. The market value of XRPUSD could still witness a decline but it may not last. The bulls are expected to sustain their current stride in the market for several hours or days to come. Investors might lookout for decent long entries.

 

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