Ripple Price Analysis – May 28




XRPUSD Medium-term Trend: Ranging

Supply Levels:  $0.70, $0.65, $ 0.60                                    

Demand levels: $0.40, $0.45, $0.50  

Last week, the XRPUSD pair was in a bearish outlook, but the asset sustained the price above $0.60 all through the week. The price of the asset fell from the high of $0.69 to the low of $0.61.The asset was previously in a range bound zone trading between the levels of $0.75 and $0.65. It was assumed that if the support level at $0.65 was broken the price would fall to the low of  $0.50.

The asset fell to the low of $0.61 last week and it is currently trading at $0.57 at the time of writing. From the weekly chart, the price of Ripple broke the support level at $0.60 and it fell to the low of $0.57. The Ripple asset had been ranging at the support level of $0.60 for more than five days before the level was broken. The asset is likely to fall to the low of $0.50 if the downtrend continues.

Meanwhile, the relative strength index period 14 is level 14 indicating that the market is oversold – suggesting bulls will take control of the market.

XRPUSD Short-term Trend: Bearish

Ripple, XRPUSD, CryptoCompare chart

The price of Ripple is in a bearish market. The asset had been ranging at the support of $0.60 before the price broke the support level and fell to the low of $ 0.57. The price of Ripple will fall again if the downtrend continues.

 

  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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