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XRP Price Analysis for May 20

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Sat, 20/05/2023 - 18:00
XRP Price Analysis for May 20
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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Bears are giving no chances to bulls, according to CoinMarketCap's ranking.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

XRP is an exception, rising by 0.55% over the last 24 hours.

XRP/USD chart by TradingView

Image by TradingView

On the hourly chart, XRP is trading near the recently formed resistance at $0.4684. Currently, traders should focus on that mark. If the closure occurs around it, the growth may continue to the $0.47 zone and above.

XRP/USD chart by TradingView

Image by TradingView

On the daily chart, the picture is also more bullish than bearish as the rate keeps slowly rising. The volume is also high, which means that buyers might seize the initiative. If the growth continues to the $0.48 mark, the accumulated energy may be enough for a resistance breakout.

XRP/USD chart by TradingView

Image by TradingView

The weekly candle is about to close above the previous peak at $0.4101. Besides that, the closure may happen near the resistance, which means that there is a high possibility to see a further upward move by the end of the month.

XRP is trading at $0.4669 at press time.

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