XRP Price Analysis – May 11
The Ripple (XRP) bulls hit resistance at $0.200, but the price may likely bounce back if the $0.180 could provide support.
Resistance levels: $0.24, $0.26, $0.28
Support levels: $0.15, $0.13, $0.11
XRP/USD follows a bullish wedge formation but is now retreating to its lower limit. After falling from $0.200 today, the Ripple price is now closer to the $0.180 support, which could offer a rebound level for the next bullish rally. For the past few days, the bearish impulse movement has been moving below the 9-day and 21-day moving averages. Should the bears exhaust momentum around the $0.175 support level, a bullish continuation is expected to occur.
Meanwhile, if the bears are out of breath around the support area mentioned, a bullish pursuit is expected. However, we should keep an eye on the $0.22 and $0.23 before printing a new high at the resistance levels of $0.24, $0.26 and $0.28. Nevertheless, the XRP bear dictates the pace for the moment in the long term but remains to range on the short-term outlook.
However, traders should expect a quick buy once the trade reaches the wedge’s support at $0.195. And if the price fails to rebound, then a bearish breakout is likely to trigger more selling opportunity for traders, which might cause the price to retest a new low at $0.15 and could further drop to $0.13 and $0.11 support levels respectively. The RSI (14) nosedives to touch the 40-level. If the price oscillates downward, Ripple (XRP) may fall further.
Against Bitcoin, the Ripple price is consolidating within the descending channel and still trading below the 9-day and 21-day moving averages at 2234 SAT. Meanwhile, the bulls have been making effort to push the price above the moving averages, should in case they succeed, the bullish continuation could take the price to the resistance levels of 2500 SAT and 2600 SAT respectively.
In other words, looking at the daily chart, if the bulls failed to hold the price, the coin may likely fall below the moving averages and further dropping could bring it to the lower boundary of the channel and meet the nearest support levels of 1950 SAT and 1850 SAT. The RSI (14) moves around 32-level suggesting downtrend.
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