Analysis

XRP Price Analysis May 6

Ripple Lags the Majors

Ripple’s XRP price gained just 1.51% on Saturday, following Friday’s 0.61% rise, to end the day at $0.90211.

A range bound start to the day left the day’s major support and resistance levels untested before an early afternoon move saw Ripple’s XRP break through the day’s first major resistance level at $0.9285 with an intraday high $0.93828 before a late in the day reversal saw Ripple’s XRP test 0.$90 support ahead of the day’s end.

The moves through the day were in contrast to the general market trend, with the majors having been on the rise late in the day.

At the time of writing, Ripple’s XRP was up just 0.31% to $0.90756, recovering from a start of the day $0.89473 low to hit a morning high $0.92167 before easing back to current levels.

Ripple’s XRP has been seeing plenty of volatility in recent days and this morning is no different, holding on to $0.90 levels key to continue supporting the current bullish trend formed back at 6th April’s swing lo $0.45716.

Unlike its peers, Ripple’s XRP has failed to hit a new swing hi since the 24th April’s $0.96837, while holding at $0.90 levels for the first time since 25th April on Saturday will have given the bulls some hope of a move back through to $1.00 levels in the coming week.

For the day ahead, a move through to $0.93 levels will be needed to draw in buyers on hopes of another Ripple splash, failure to do so likely to bring the day’s first major support level at $0.8542 into play later in the day.

A move is on the cards and much will depend upon the sentiment across the market on whether Ripple’s XRP can catch up with the rest of the clan or go into reverse, investors mindful of holding on to April’s 67% gains.

XRP/USD 06/05/18 Hourly Chart

 

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