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Ripple Price Analysis: XRP Could Trade Lower As Recovery Falls Flat

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  • Ripple price failed to hold gains above the $0.3120 and $0.3100 supports against the US dollar.
  • The price tested the $0.3060 support and it is currently trading near the $0.3100 pivot level.
  • There is a key contracting triangle in place with resistance at $0.3110 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could either dip sharply below $0.3060 or it may rise above the $0.3110 and $0.3120 resistances.

Ripple price trimmed its recent gains and declined against the US Dollar and bitcoin. XRP/USD might accelerate losses if it fails to break the $0.3120 resistance level in the near term.

Ripple Price Analysis

Yesterday, we saw a nice upward move in ripple price above the $0.3150 and $0.3200 resistances against the US Dollar. The XRP/USD pair even tested the $0.3250 level, but it failed to hold gains. As a result, there was a sharp decline below the $0.3200 and $0.3150 levels. The price even spiked below the $0.3120 support and the 100 hourly simple moving average. A swing low was formed at $0.3060 before the price corrected higher during BTC and Ethereum recovery.

The price moved above the $0.3080 level and tested the 23.6% Fib retracement level of the recent drop from the $0.3245 high to $0.3061 low. However, the price seems to be facing a strong resistance near the $0.3105 level and the 100 hourly SMA. Besides, there is a key contracting triangle in place with resistance at $0.3110 on the hourly chart of the XRP/USD pair. If the pair manages to climb above the $0.3110 and $0.3120 resistance levels, there could be a decent recovery.

The next resistance is near the $0.3150 level. It represents the 50% Fib retracement level of the recent drop from the $0.3245 high to $0.3061 low. On the other hand, if the price fails to move above the $0.3110 resistance, there may be a sharp dip. The $0.3060 support is crucial, below which the price might decline heavily. The next key supports are near $0.3040 and $0.3015.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently trading near a crucial juncture below the $0.3110 resistance. If buyers fail to gain strength, the price might start a nasty decline below $0.3060. In the short term, there could be range moves before the price either climbs above $0.3120 or revisits the $0.3060 support level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to stay above the 50 level and moving lower with a bearish angle.

Major Support Levels – $0.3060, $0.3040 and $0.3015.

Major Resistance Levels – $0.3110, $0.3120 and $0.3150.

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Ripple Price Analysis: XRP Lost Critical 5000 SAT Support Area – What’s Next?

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Ripple’s XRP has seen a price decline totaling 6% over the past 24 hours of trading, bringing the current price for the coin down to around $0.3754 at press time. The cryptocurrency has lost a further 16% over the past 7 trading days.

This price drop largely is due to the retracement seen in Bitcoin, although XRP also has seen difficulty when priced against Bitcoin.

XRP currently is ranked in 3d place amongst the top cryptocurrency projects by market cap value, holding a $15.89 billion market cap, according to CoinMarketCap at time of publication.

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, we can see that XRP/USD has fallen further from the $0.39 level, to where it currently is trading at around $0.375. XRP has strong resistance beneath it provided by the 200-day moving average around the $0.3615 level.
  • From above: The nearest levels of resistance lie at $0.3790 and $0.3943. If the bulls can continue further above $0.40, higher resistance can be located at $0.4235, $0.4376 and $0.4617. Above this, further resistance lies at $0.48 and $0.50.
  • From below: The nearest level of support now sits between $0.36 and $0.35. Beneath $0.35, further support is located at $0.34, $0.32 and $0.30.
  • Trading volume has dropped significantly from the average level seen during May 2019.
  • The RSI is in a precarious position as it hovers around the 50 level which indicates indecision within the market. If the RSI drops beneath 50, we can expect XRP/USD to head lower.

xrpusd_may23-min

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see XRP/BTC has now dropped further beneath the support at 5000 SAT to where it currently trades at press time, around 4850 SAT.
  • From above: The nearest level of resistance now sits at 4910 SAT, 5000 SAT and 5090 SAT. Above 5100 SAT, further resistance exists at 5571 SAT, 5962 SAT and 6000 SAT.
  • From below: The nearest level of support lies at 4731 SAT. Beneath this, further support is expected at 4500 SAT, 4323 SAT and 4000 SAT.
  • Trading volume has also significantly declined toward the second half of May 2019.
  • The Stochastic RSI suggests that price action will head further lower due to a bearish crossover in overbought conditions.

xrpbtc_may23-min

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XRP: Massive amounts of cryptocurrency moved as Ripple, Nexo come into the picture

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Market momentum in the cryptocurrency industry is of paramount importance, since it is often considered as an important marker in the propagation of crypto-use. Ever since the end of the crushing bear market, there have been several instances of massive amounts of cryptocurrencies being moved, especially when it comes to XRP, the third largest coin on the charts.

According to @WhaleAlert, a cryptocurrency data aggregator, there have been multiple drops of large XRP sums, amounting to a total of close to 26 million XRP. The first drop included a transfer of 10 million XRP from a Ripple Over-the-Counter distribution wallet to another unknown wallet in the cryptosphere.

The transfer amounted to a whopping $3.732 million and had a time stamp at 23 May 8:00 UTC. The transmitter address was rMaV5QT2ZCwVFArQ7sdQMxhtzg6mgqJ47h, while the receiver address was rEFtdHuyxgUjDL4t3gBsesQwHtnDy2W8rC.

The first transaction of 6.862 million XRP was preceded by another transfer of 6 million XRP, which occurred from an unknown wallet to a Nexo wallet. The unknown wallet’s address was rhCgcS11iumWeutBF4CPEu7G2zTXkh5oUZ, while the Nexo wallet’s address was rNrWGYBb9GJoRrZKqpH6PigQ2fdj7dRLyk.

The third significant XRP transaction that occurred in the space of 12 hours included another drop of 10 million XRP. The exact amount of XRP transferred was 10.11 million, moved from Ripple to an unknown wallet. The Ripple address on Bithomp was rhmc2XPEbmCN8MW6dcoMUGBuzzp65uKpEn, while the unknown wallet had an address of rH51tppA1cF5J75GS6MqaJhJfQFm2PPXG2.

Ripple and in turn, XRP, was also in the news recently after Ripple partner R3’s Corda released a statement that they were planning to further their partnership with credit union-centric CULedger. The press release from the organization stated,

“This will allow credit unions using CULedger’s network to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options to meet theirs and their members’ needs.”

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Ripple: XRP struggles amid downbeat Thursday crypto market

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The third-largest digital currency in the world, XRP, had an encouraging start to yesterday’s session, as its price topped the $0.40 mark in early trading. However, the coin’s spell above $0.40 did not last long. After several hours of struggling to sustain trading at that level, XRP gave in to the pressure and returned to sub-$0.40 levels. The decline accelerated during the afternoon portion of the session, with its price tumbling to an intraday low of $0.373. The digital coin finished the session at $0.376, down from its opening price of $0.397.

Downbeat market

XRP has remained on the defensive in today’s trading, mirroring a wide-spread crypto correction. As a result, the coin fell to a six-day low of $0.367 in the morning. The token’s performance has somewhat improved in more recent trading, which has allowed it to retake the $0.37 level.

Meanwhile, XRP has continued to experience strong market activity, although its trading volume has seen a drop from yesterday. According to data from digital currency tracker Coinmarketcap, around $1.9 billion worth of XRP coins have changed hands over the past 24 hours. The coin’s daily trading volume reached just over $2 billion on Wednesday.

XRP’s current struggles appear to be part of a larger downward correction that has affected most digital coins on the market. Earlier this month, XRP benefited from a strong bullish trend that saw many cryptocurrencies rising to new 2019 highs. XRP’s rally peaked at $0.474, which was reached on May 16, the same day that Bitcoin set its current 2019 high of $8,320.82.

In today’s trading, the XRP price stood at $0.373, as of 14:17 BST. The digital coin has lost 4.6% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $15.7 billion.

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