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XRP Price Analysis for May 17

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Wed, 17/05/2023 - 18:00
XRP Price Analysis for May 17
Cover image via www.tradingview.com

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The market keeps going down; however, there are some exceptions to this rule.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

The rate of XRP has risen by 4.54% against the decline of other cryptocurrencies.

XRP/USD chart by TradingView

Image by TradingView

On the local chart, the price of XRP is fighting for a support level at $0.4399. If bears win and the bar closure happens below it, the fall is likely to continue to the zone of $0.4350.

XRP/USD chart by TradingView

Image by TradingView

A similar picture can be seen on the bigger time frame. The rate has bounced off the $0.46 zone, which means buyers are not ready yet to seize the initiative. If the situation does not change until the end of the day, traders may expect a fall to $0.4350 area shortly.

XRP/USD chart by TradingView

Image by TradingView

On the weekly chart, XRP remains weak as the price is located near the support level at $0.4101. If bulls cannot seize the initiative, the breakout may lead to a sharp drop to the $0.38-$0.40 zone.

XRP is trading at $0.4387 at press time.

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