InsideBitcoins.com

Ripple Price Prediction: XRP/USD Fails To Build On Yesterday’s Gain As Price Nosedives Below $1.65 Resistance

XRP Price Prediction – May 2

Despite dropping sharply today, the price Ripple (XRP) is up by almost 50% over the past few days.

XRP/USD Market

Key Levels:

Resistance levels: $2.00, $2.10, $2.20

Support levels: 1.10, $1.00, $0.90

XRPUSD – Daily Chart

XRP/USD is now down at a low not seen since April 26. The weakness of Ripple (XRP) is quite apparent now as the digital asset will have very little support on the way down to $1.45. Traders should take note that most of the market is also seeing red numbers, major coins have been holding on quite well. XRP bulls will now need to see a bounce from any support level to have any chance to recover their daily uptrends.

What is the Next for Ripple (XRP)

Looking at the daily chart, if the Ripple (XRP) fails to climb above the $1.65 and $1.70 resistance levels, there could be a bearish reaction. At the moment, the initial support is near below the 9-day and 21-day moving averages. Therefore, if there is a downside break below this barrier, the price could test $1.30. Any further losses might start another bearish wave and the price could even decline below the $1.10, $1.00, and $0.90 support levels.

However, as the technical indicator RSI (14) moves to cross below the 60-level, the nearest resistance level is around the $1.75 level which the price might cross above the upper boundary of the channel. This bullish movement may likely hit the potential resistance levels at $2.00, $2.10, and $2.20 respectively.

Against Bitcoin, the Ripple price declines toward the support level of 2700 SAT. The price is set to test 2500 SAT if Bitcoin (BTC) continues to impact the XRP price. The bearish scenario may step back into the market as the technical indicator RSI (14) nosedives below 65-level.

XRPBTC – Daily Chart

However, if the sellers occupy their positions, the XRP price may drop below the moving averages to hit the support level of 2300 SAT and below. Therefore any bullish movement above the upper boundary of the channel could give the bulls another chance to push the coin to the upside. Any further positive movement could hit the resistance levels at $3400 and above.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

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

      Leave a Reply

      Your email address will not be published. Required fields are marked *