Connect with us

Price Analysis

Ripple XRP/USD Price Prediction, Technical Analysis – May 8th

Published

on

Ripple XRP Price Prediction and Technical Analysis
  • Ripple’s XRP is in the bear trap from last many days.
  • XRP price is down by -2.3% in 7 days and -6.6% in 14 days.
  • A major price decline might happen in the coming days.

Ripple’s XRP the 3rd largest cryptocurrency by market capitalization is currently valued at $0.300457 USD. XRP is down by almost -1.50% in the last 24 hours. The market capitalization of Ripple’s XRP at the press time is $12,659,227,206 USD as per CoinMarketcap.

In recent time many other cryptocurrencies have gained a lot while XRP remains in the trap of bear. Last week Ripple also partnered with Ria Money Transfer which has $40 billion in money transfer volume per year.
Although partnering with such a large payment provider the price of XRP has not corrected yet.

Related Post:-

Ripple XRP/USD Price Analysis

As Ripple’s XRP is trading around $0.30 from last few days so it will remain at the risk of going downside. If we look at the daily XRP price chart we find that it has strong resistance at $2908 USD. It is following a declining pattern around the current price.

Ripple XRP Price Analysis 06th May 2019
XRP price chart by TradingView

However, if we look at the technical parameters like moving averages and oscillators we find that it’s showing a mixed pattern. Almost all moving averages are in the sell pressure zone while oscillators are just opposite to that.

Hull Moving Average (9) on a daily basis is 0.31253 which is in the sell pressure zone.

EMA (5, 10, 20, 30, 50, 100, 200) and SMA (5, 10, 20, 30, 50, 100, 200) all are in the indicating a sell presure zone.

Relative Strength Index (14) among the oscillators are in between the buy and sell pressure zone. The value of RSI (14) on a daily basis is 45.14764

Stochastic RSI Fast (3, 3, 14, 14) is 73.32385 and is in the neutral zone.

Conclusion

After analysing the price trend of XRP it can be concluded that it is in the bearish trap and also will be in the bear trap for some more days. Ripple’s XRP will have strong support level at $0.29 and resistance at around $0.30 USD.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.