XRP trading: With 35% Spike, The Bulls Saw $0.435 After a Channel Break

XRP trading: With 35% Spike, The Bulls Saw $0.435 After a Channel Break
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Ripple (XRP) Price Analysis – May 14

Today’s long opening has placed the XRP price on the rise after surging 35% in a few hours. At the moment, the XRPUSD market has broken-up the channel after a long-bearish move; throwing a price at $0.435. The XRPBTC market has remained trade within the bearish channel. Currently, the third largest cryptocurrency holds a trading volume of $4.95 billion with a market cap of $17.2 billion.

XRP/USD Market

Key Levels:
Resistance levels: $0.44, $0.46
Support levels: $0.34, $0.32

After breaking out of the falling channel pattern, Ripple’s price spiked nearing the $0.44 high before dropping to the current price of $0.39 level. The XRP bear may probably drop the price to $0.34 and $0.32, sitting on the upper channel.

XRPUSD-4H-Chart-May-14

If price drop below the above level, the cryptocurrency may fall back trading in the channel. The sellers may regain control of the market. For now, we can say the XRP market appeared to be in a bullish trend. On the upside, buying pressure may touch the $0.44 resistance and above.

The 4-hours RSI is revealed at the overbought zone; indicating the current positive move. Also, the Stochastic RSI suggested a buying pressure which has now reached the overbought area. However, Ripple may short sooner or later.

XRP/BTC Market

Following a falling channel pattern, Ripple, as a hedge, continued to remain in a bearish trend. This revealed that the bears are controlling the market for the past five weeks. A few hours ago, the buyers managed to break-up the channel but saw a price rejection after nearing 5500SAT resistance.

XRPBTC-4H-Chart-May-14

Looking at the 4-hours Stochastic RSI, the buying momentum has reached the overbought zone. This alerts a potential drop around the corner. The key support to watch out for is 4000SAT level, where the lower channel lies.

Meanwhile, the 4-hour RSI has leveled up with a sharp rise. Reaching the overbought could significantly position the price actions above the channel after retesting the 5500SAT level. However, a further rise may turn the XRPUSD market bullish.

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About AzeezMustaph

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