ADVERTISEMENT

XRP to USD, 13th May: Ripple Price Analysis, What’s Next?

ADVERTISEMENT

Must Read

‘Force Majeure’ clause saves Telegram from refunding money to investors

Earlier US Security Exchange Commission obtained a restraining order from the US SEC to halt Telegram operations in the...

Bitcoin price starts to crash: Analyst eyes $6500

Popular Trend analyst account, Tradingshot, has predicted that the price of the leading cryptocurrency is likely to go at...

Technical Indicators:

Support Levels: $0.3100, $0.3000

Resistance Levels: $0.3220, $0.3300, $0.3400

 

Key Points:

  • Ripple price started to rise upwards and broke above $0.3220 resistance zone.
  • XRP even broke above $0.3300 level tested the $0.3400 resistance level where a lot of sellers appeared and Ripple price started to correct downwards.
  • A bullish pattern is being formed on the hourly chart with the support at around $0.3100.
  • There are chances that XRP might test the $0.3220 and $0.3300 resistance levels soon.

 

Ripple Price Analysis:

SUMMARY: Ripple price picked up bullish pace above $0.3200 level. XRP is currently well supported at $0.3100 and it will likely move towards testing $0.3220 and $0.3300 levels.

 

Ripple price followed bitcoin this week and broke above $0.3100 resistance level to move into a positive zone. XRP was also able to break above $0.3220 resistance level. The bulls were able to move Ripple price above the 100 hourly SMA and $0.3350 level. XRP even tested the $0.3400 resistance level where a lot of sellers were placed and XRP started to correct downwards. Ripple price declined sharply and moved under the $0.3300 and $0.3200 support levels. XRP even tested the support at around $0.3050.

Currently, Ripple price is trying to gain momentum above the $0.3100 support level. The current resistance is around $0.3200 and $3220 levels above which XRP might test the $0.3300 and $0.3400 levels. Also, $0.3100 is currently acting as strong support below which Ripple price might test $0.3050 and $0.3000 levels. A bullish pattern is also being formed on the hourly chart with the support at around $0.3100.

 

XRP to USD Price Chart 13th May
XRP to USD Price Chart 13th May

The chart shows that Ripple price is currently well supported on the downside at $0.3100, $0.3050 & the 100 hourly SMA. As long as XRP is above the 100 hourly SMA, there are chances of a fresh bull run.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

2 comments

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

More Articles Like This