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XRP Price Analysis for May 14

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Sun, 14/05/2023 - 13:24
XRP Price Analysis for May 14
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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Most of the coins are in the red zone again, however, there are some exceptions.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

The rate of XRP has almost not changed since yesterday. Over the last week, the price has fallen by 7%.

XRP/USD chart by TradingView

Image by TradingView

On the local chart, XRP is trading near the resistance at $0.4275. If buyers can hold the gained initiative until the end of the day, one can expect a blast to the $0.43 zone tomorrow.

XRP/USD chart by TradingView

Image by TradingView

On the bigger time frame, XRP is trading sideways between the support at $0.41 and the resistance at $0.4340. Currently, one should pay attention to the $0.43 mark.

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If the rate can be fixed above it, the breakout may lead to a test of the $0.45 area shortly.

XRP/USD chart by TradingView

Image by TradingView

On the weekly chart, the price of XRP has bounced off the mirror level at $0.41. Despite that, the candle may close below the important support at $0.4340. As neither side has seized the initiative yet, consolidation in the range of $0.42-$0.44 is the more likely scenario until the end of the month.

XRP is trading at $0.4257 at press time.

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