These days, Ripple stands out from the top 3 coins, following positive news and the general market growth. Regarding the fundamental factors, 2 pieces of news influenced XRP’s growth.
The first one concerns Nasdaq, which added Ripple's XRP Index (XRPLX) to its Global Data Platform, and the second one is that Ripple split $1 billion of its coins from escrow to the crypto market.
Altogether, this news has pushed XRP’s rate by almost 5% over the day and increased the market capitalization by around $150 million.
Now, let’s switch to price predictions from the technical point of view.
XRP/USD 30-min chart
Our earlier Ripple prediction is still relevant, as XRP remains trading above the $0.30 support zone. However, at the time of writing, the coin is located in the descending channel, having lost around 3% by a short period.
Concerning the short-term scenario, the quotes will keep trading above $0.30, as the general trend has not changed to bearish. Moreover, trading volumes are also quite high, and the possibility of a decline is minimal.
XRP/USD 4-hour chart
Studying the long-term analysis, one can neglect the current rollback, as the bullish tendencies will keep dominating. Such a scenario is backed by the MACD indicator, which shows an uptrend.
Overall, traders may expect XRP to reach the resistance at $0.36 in the middle of May.
The price of XRP is trading at $0.3155 at the time of writing.
Arman Shirinyan
Alex Dovbnya
Denys Serhiichuk
Gamza Khanzadaev