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XRP Price Analysis for May 24

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Wed, 24/05/2023 - 18:00
XRP Price Analysis for May 24
Cover image via www.tradingview.com

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

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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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