XRP price analysis today May 24
Let's refer to today's XRP price analysis on May 24 to make the right decisions with this asset!
XRP price extended its decline below the $0.520 support. The price is currently trading within a range and eyeing a possible break above the $0.5320 resistance.
- XRP continued to correct and fell below the $0.5120 support.
- The price is currently trading above $0.5250 and the 100 SMA.
- There is a key bearish trend line forming with resistance at $0.5325.
- XRP could gain upside momentum if it breaks above the $0.5365 resistance area.
XRP price regains stability
Over the past two sessions, XRP price has seen a steady decline below the $0.5320 level. There are a few swing moves like Ethereum . The price even spiked below the $0.5120 support zone.
A low was formed at $0.5028 and the price is currently correcting losses. There was a move above the $0.5200 and $0.5250 resistance levels. The price rose above the 50% Fib retracement level of the downward move from $0.5477 to $0.5028.
The price is back above $0.5250 and the 100 SMA. Immediate resistance is near the $0.5320 level. There is also a key bearish trend line forming with resistance at $0.5325.
The first key resistance is near $0.5365 or the 76.4% Fib retracement level of the downward move from $0.5477 to $0.5028. A close above the $0.5365 resistance area could send prices higher.
Source: TradingView
The next key resistance is near $0.5480. If the bulls push the price above the $0.5480 resistance, there could be a steady rise towards the $0.5570 resistance. Any further gains could push the price towards the resistance at $0.58.
Where XRP goes down in price
If XRP fails to clear the $0.5320 resistance area, it could initiate another decline within the range. Initial support on the downside is near the $0.5250 level and the 100 SMA.
The next major support is at $0.5140. If there is a downside break and close below $0.5140, the price could gain downside momentum. In the said case, the price could decline and retest the $0.5030 support in the near term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently accelerating in the bullish zone.
Hourly RSI – The RSI for XRP/USD is currently above the 50 level.
Key support levels – 0.5250 USD and 0.5140 USD.
Key resistance levels – 0.5320 USD and 0.5365 USD.
According to NewsBTC
The post XRP price analysis today May 24: ready for a breakthrough appeared first on CoinPlus .
