XRPUSD Medium-term Trend: Ranging
Supply Levels: $0.75, $0.70, $ 0.65
Demand levels: $0.45, $0.50, $0.55
Yesterday, May 31, the XRPUSD pair was in a ranging market. The asset’s price has been fluctuating below and above $0.60 mark as a result of resistance at $0.62 and support at $0.59. Overall, the asset fluctuated between $0.65 and $0.55, with Ripple’s XRP currently trading at $0.61. From the weekly chart, the price of Ripple’s XRP is ranging above the resistance level of $0.60.
If the price of the asset rises and breaks the resistance at $0.62, it may reach a high of $0.65. If the asset reaches $0.65 without breaking that level, a short trade should be initiated. In addition, a stop loss should be placed above the resistance level of $0.65. In a ranging market, the resistance and support levels are traded so that traders can make partial profits.
Meanwhile, the relative strength index period 14 is at 56, which indicates that the asset is in a range bound zone.
XRPUSD Short-term Trend: Ranging
On the daily chart, Ripple’s XRP is in a ranging market with choppy price action, as the asset is not moving in a discernible pattern. Resistance and support levels are in disarray.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.