Ripple Price Analysis – May 23
The price of Ripple has broken the support level at $0.65. The relative strength index period 14 is level 20 indicates that the market is oversold suggesting bulls will take control of the market.
XRPUSD Medium-term Trend: Bearish
Supply Levels: $0.66, $0.65, $ 0.64
Demand levels: $0.60, $0.61, $0.62
Yesterday, the XRPUSD pair was also in a bearish market. The asset fell to the low of $0.66. The support level at $0.65 was presumed to be a strong level because the price had tested that level and the level could not be broken. Yesterday, it was assumed that if the level was held, a long trade should be placed at the support level of $0.65. Also, a stop loss should be placed at a price of $0.60.
On the other hand, if the level was broken then a short trade would be initiated and a stop loss placed above the support level at $0.65. The asset is currently trading at $0.63 as at the time of writing. From the weekly chart, the support level at $0.65 had been broken. However, if the downtrend continues the asset is likely to fall to the low of $0.50.
Meanwhile, the relative strength index period 14 is level 20 indicates that the market is oversold suggesting bulls will take control of the market.
XRPUSD Short-term Trend: Bearish
The price of Ripple is in a smooth downtrend. The price of the asset fell from the high of $0.67 to $0.63. At the support of $0.63 the asset commenced a range bound movement.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
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