Ripple Price Analysis – May 7

Azeez Mustapha
  • The relative strength index period 14 is level 28 which indicates that the Ripple price is oversold suggesting that Bulls will take control of the market.
  • The Bears brought price to as low as $ 0.80 and if price continues to decline further, Ripple will find support at $0.77.

Ripple, XRPUSD, CryptoCompare chart

XRPUSD Medium-term Trend: Bullish

Supply Levels:  $0.85, $0.84, $ 0.83                                     

Demand levels: $0.79, $0.80, $0.81

Last week, the price of Ripple was either bullish or in a range-bound movement. The asset was range-bound between the levels of $0.90 and $0.80. However, the resistance level at $0.90 was broken and price was expected to rise last week. Today, Ripple is currently trading at $0.81 as at the time of writing.On May 4, Ripple was ranging at the price of $0.93 for two days before the bears brought it to its low at $0.80.

The bearish trend broke the bullish trend line and the candlestick closed on the opposite of the trend line. This signals the end of the earlier bullish trend. The price of Ripple is expected to rise to reach the highs of previous levels, but if the support level at $0.80 is broken, Ripple will find support at $0.77.

Meanwhile, the relative strength index period 14 is level 28 which indicates that the market is oversold suggesting that bulls will take control of the market.

XRPUSD Short-term Trend:  Ranging

Ripple, XRPUSD, CryptoCompare chart

In the daily chart, the XRPUSD pair is in a ranging market. The price of the asset is ranging from the levels of $86 and $85. At that price level, the asset fell to the low of $0.81 and commenced a ranged bound movement.

 

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