XRP has been gradually increasing since May 10, having done so by slightly more than 10%. However, until it flips the $0.225 resistance level as support, its price movement is considered a retracement.
The last time the price was trading inside this resistance level was on April 30. However, the well-known cryptocurrency trader @CryptoNTez believes that the price will once again reach this area.
NTez outlined an XRP chart in which one of his indicators has given a buy signal.
Sitting over ~.19$ support (matching .382 Fib ) level after a quick drop led by BTC halving event Following BTC path, should allow to reclaim the May 10 drop and move back into the .22$ resistance level (around 12% from here)
XRP Breaks Down
The daily chart provides a bearish outlook for XRP. On May 10, the price broke down from a long-term ascending support line that had been present since the March 13 bottom. After finding support at the $0.18 area, the price has been moving upwards. However, there is considerable resistance overhead, in the form of the 200-day moving average (MA) and the $0.225 resistance area, which both rejected the price prior to the aforementioned breakdown. Therefore, any upward move towards these resistance levels is more likely to be a retracement than the beginning of a new upward trend. A successful flip of the $0.225 area would mostly invalidate the bearish outlook.
XRP/BTC
The XRP/BTC pair also looks bearish, since it has broken down from the 2,500 satoshi support level that had been in place since August 2019. The closest support level is not found until 1,400 satoshis, and it looks like XRP will eventually get there. While there is a potential bullish divergence developing, its trend-line has been broken, so it is likely that the RSI will also drop as a result.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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