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XRP Price Analysis for May 3

Wed, 05/03/2023 - 18:00
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Denys Serhiichuk
Can rate of XRP grow against fall of other coins?
XRP Price Analysis for May 3
Cover image via www.tradingview.com

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Bears have returned to the game, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

The rate of XRP has fallen by 2.36% since yesterday.

XRP/USD chart by TradingView

Image by TradingView

Despite today's decline, XRP keeps looking bearish on the local time frame. Currently, traders should pay attention to the interim support level at $0.45. If buyers cannot seize the initiative by the end of the day, the closure near it may be a prerequsite for a sharp drop to the $0.4450 zone.

XRP/USD chart by TradingView

Image by TradingView

On the daily time frame, the price of XRP is about to close below the $0.46 mark. Thus, the selling volume has increased. In this regard, one can expect a further decrease to the support level at $0.44.

XRP/USD chart by TradingView

Image by TradingView

The rate of XRP is returning to the recently formed support level at $0.44. As buyers have failed to seize the initiative after a false breakout, traders may expect a more profound decline to the $0.40-$0.42 area.

XRP is trading at $0.4513 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.