CryptoSignals News

Join Our Telegram

Ripple Declines and Trades in a Tight Range as It Struggles Below $0.59

May 4, 2022

#Price Analysis#RIPPLE#XRP#XRP/USD

Dash 2 Trade’s Presale

Telegram

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Telegram

Existing community of 70,000+ traders

Telegram

Unlocks access to the leading crypto trading analysis, signals and trading tools

Telegram

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Telegram

World class development team backed by Quant developers and VC investors


Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price is in a downtrend as it struggles below $0.59. Since April 30, the altcoin has been making an upward correction but struggles below the resistance at $0.59 high. On the downside, if the current support at $0.56 holds and the bulls fail to break the resistance at $0.59, XRP will be trading in a tight range. On the upside, if the bulls break the resistance at $0.59, XRP/USD will rise and revisit the previous highs of $0.68 and $0.75 price levels. On the downside, a further downward move is unlikely as the altcoin reaches the oversold region. The cryptocurrency will be compelled to a range-bound move between $0.56 and $0.75 price levels if the current support holds.

Ripple (XRP) Indicator Analysis
Ripple is at level 32 of the Relative Strength Index for period 14. The altcoin was earlier in the oversold region at level 25 as buyers emerge to push the crypto upward. Similarly, XRP is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. The cryptocurrency has reached bearish exhaustion. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.

Ripple Declines and Trades in a Tight Range as It Struggles Below $0.59
XRP/USD – Daily Chart

Technical indicators:
Major Resistance Levels – $2.00, $2.50, $3.00
Major Support Levels – $1.50, $1.00, $0.50

What Is the Next Direction for Ripple (XRP)?
XRP/USD is in a downtrend but trades in a tight range as it struggles below $0.59. Ripple is likely to encounter a price breakdown or a rebound. Meanwhile, on April 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that XRP will fall to level 1.618 Fibonacci extension or $0.548.

   Ripple Declines and Trades in a Tight Range as It Struggles Below $0.59
XRP/USD – Daily Chart


You can purchase crypto coins here. Buy LBlock


Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full
technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

Join Our Telegram