XRP Price Prediction – May 6
Looking at the daily chart, XRP/USD tried to break above the moving averages as the price failed to gather enough momentum.
Resistance levels: $0.250, $0.260, $0.270
Support levels: $0.180, $0.170, $0.160
For the past 6 days, XRP/USD has not been able to break above the $22 level. Today, the price absorbed stops located below $0.218 and slipped to $0.215 in a matter of minutes. While the price has partially recovered the losses to trade at $0.223 with 0.37% gains from the beginning of the day. Meanwhile, XRP/USD needs to regain ground above $0.230 to mitigate the bearish pressure.
However, XRP/USD is currently changing hands at $0.218, and any attempt to make it trade below the 9-day and 21-day moving averages may open the doors for more downsides and the price could spike below the $0.200 support level. However, traders should keep an eye on the $0.219 before creating a new bearish trend at the support levels of $0.180, $0.170, and $0.160.
In other words, for the upside, the buyers will need to make a sustainable move above $0.220 as soon as possible to negate an immediate bearish scenario. More so, for the upside to gain traction, the coin needs to regain ground above $0.230, while $0.250, $0.260, and $0.270 resistance levels are the ultimate aims for the bulls. More so, the technical indicator RSI (14) suggests that the market may likely move in sideways for some time.
Against Bitcoin, the Ripple (XRP) is moving on the downside within the descending channel. If the selling pressure persists, the XRP price variation may likely bring a new low. At the moment, the RSI (14) has moved above 35-level; more negative movements may come to play as the pair trades under the moving averages.
However, traders may expect close support at 2300 SAT before breaking to 2110 SAT and below. If a bullish movement occurs and validates a break above the moving averages within the channel; we can then confirm a bull-run for the market and the nearest resistance levels lie at 2550 SAT and above.
Please note: Insidebitcoins.com 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.