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XRP Price Analysis for May 24

Wed, 05/24/2023 - 18:00
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Denys Serhiichuk
Is XRP ready to rise shortly?
XRP Price Analysis for May 24
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The growth has not lasted for long, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

XRP has turned out to be less of a loser than Bitcoin (BTC), falling by 2.25% since yesterday.

XRP/USD chart by TradingView

Image by TradingView

On the local time frame, the rate of XRP might have found support at $0.4459. Currently, traders should focus on the mark. If the bar closure happens far from it, there is a chance to see a bounce back to the $0.4540 zone.

XRP/USD chart by TradingView

 Image by TradingView

On the daily chart, the rate of Ethereum (ETH) has once again tested the support at $0.4459. Bears have absorbed the recent local rise, which means that there are more chances to see a further downward move than growth.

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DOGE Price Analysis for May 23

All in all, closure below the important zone of $0.45 might be a prerequisite for a decline to the $0.44 area.

XRP/USD chart by TradingView

Image by TradingView

From the weekly chart, it is too early to make any predictions as the rate is far from the key levels. If buyers want to seize the initiative, they need to restore the price to the $0.48 zone and fix above it. Only in that case, one can expect a trend reversal.

XRP is trading at $0.4504 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.