Ripple (XRP) Price Analysis – May 23
After rising above the 50-day MA, the TRX markets have fallen back to the bearish zone as a result of selling pressure in the market. As of now, the sellers are gaining control of the market. If the market can break significantly above the 50MA, the bulls might resume moment. For now, the sellers are in play.
Resistance levels: $0.4, $0.42, $0.44
Support levels: $0.34, $0.32, $0.3
Ripple, the third largest cryptocurrency, made a significant move after rising above the 50-day moving average (yellow) on May 11, which was quite noticeable on the medium-term chart.
Reaching the $0.48 on May 16, XRP sell-off to the $0.036 and began to form a higher high, higher low in a descending triangle as the trend line tightens. This indicates that a break-out is around the corner. The nearest resistance to watch for is the $0.4, touching the 50MA.
Breaking the triangle support, the sellers may find support at the $0.34, $0.32 and $0.30 levels. The 4-hours MACD is already turned bullish. On the RSI, the market is revealed bearish on the medium-term.
If the market eventually surges above the $0.04, the $0.042 and $0.044 resistances will hold for the next bull-run.
After a clear cut above the 50-day moving average (yellow), XRP/BTC pair fall back to the bears’ territory as the market aims at the 5500SAT support. Further support lies at the 4200SAT.
If the bulls regain momentum, the price of the coin may rise to 5500SAT resistance. The 5800SAT and the 6000SAT may be tested in a blink of an eye. Nevertheless, the bearish cross has signaled a medium-term downward movement for the market. The bears are now coming into play.
As revealed on the technical indicators, the RSI has traveled far towards the oversold level, which indicates that the sellers are in play. In the same direction, the MACD has crossed to the negative zone. at the moment, we may consider a short position for the market.
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