Ripple (XRP) Price Analysis (May 1)

Key Highlights

  •  XRP/USD market still sees a continual process of price retracements.
  •  The US dollar is now a bit pressing harder against the crypto under a high value of $0.24.
  •  Traders should be cautious of keeping too long on shorting positions of this trade.

Ripple (XRP) Price Analysis

• Major distribution territories: $0.26, $0.28, $0.30
• Major accumulation territories: $0.20, $0.18, $0.16

There is still a continual process of price retracements in the valuation of XRP/USD market. The base-instrument had once prevailed over the worth-value of its counter currency during the yesterday’s day trading operations while a high mark at $0.24 was touched.

The buyers have to put all strength together from around a low price value at $0.22 territory. Meanwhile, a breakdown at a $0.20 accumulation territory may result in revisiting a lower point at $0.18.

Ripple Technical Indicators Reading

The 50-day SMA indicator with the Middle and Lower Bollinger Bands are bent pointing towards the north. The Upper Bollinger Band has a curved towards the south-east direction above the current market line. That suggests that the bears are slightly putting the crypto-trade under a small pressure. The Stochastic Oscillators are within ranges 0f 40 and 20. And, they now briefly point to the south-east direction. That signifies the possibility of seeing a line of choppy price movements in a near trading session.

Conclusion

$0.20 price territory, has now come to serve as the key point that its breaking down will cause serious sell-offs. Nevertheless, there’ll still be a need to be cautious of keeping long on short-trading positions at a downward break of the market line mentioned earlier.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

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