XRP Trading: Following A Bull Flag Formation, XRP Price May Break
Ripple (XRP) Price Analysis – May 25
In the past few days of trading, XRP/BTC market has remained to
trade in a downward wave as the XRP/USD market follows a side-way movement.
Meanwhile, the third largest cryptocurrency has a market cap valuation of
$16.23 billion with a trading volume of $1.4 billion, as price trades at $0.388
level.
XRP/USD Market
Key Levels:
Resistance levels: $0.42, $0.46
Support levels: $0.34, $0.30
XRP followed an upward movement after rising from the $0.3 in
the past two weeks. The price increase saw the market through to the $0.48
before dropping.
Since then, the cryptocurrency has been trading on a
side-way, respecting a wedge which has held price action for the past days.
As the market reaches a tight angle of the trend line, a price
break may occur at either way. Above the wedge, the bulls may find resistance
at the $0.42 and $0.46. Below the wedge, the price may drop to the $0.34 and
$0.3 supports.
On the MACD, a bearish trend is suggested as the market plays
below the indicator. The RSI is moving side-ways, revealing below the 50 level.
XRP/BTC Market
Against Bitcoin, XRP has flagged bearish on a
medium-term trend as the market appeared subdued with choppy price action. This
suggested that the sellers are gaining control of the market.
The bearish wave is shown on the 4-hours RSI, heading towards
the oversold level.
At the moment, the price is shooting at the 4500SAT support.
Below this support, the bears may locate support at 4200SAT. If a bullish surge
occurs, we can expect quick test at the 5000SAT, 5400SAT and 5800SAT
resistances.
The 4- hours MACD has crossed over down to the bearish zone due
to the selling pressure in the market. As of now, we can say the XRP market is
following a bearish scenario for now.
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