XRP Trading: Following A Bull Flag Formation, XRP Price May Break-Up Wedge

XRP Trading: Following A Bull Flag Formation, XRP Price May Break-Up Wedge
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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.

XRPUSD-4H-Chart-May-25

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.

XRPBTC-4H-Chart-May-25

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.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

About AzeezMustaph

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Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management