Ripple (XRP) – price analysis
Since mid-May, the share price has been in a downward channel whose resistance was tested on 21 May but not breached. Support for this downward channel was tested on 23 and 29 May. Currently, the price is trying to test the resistance further and is dancing around the exponential moving average EMA50.
The Ripple price fell this week
Furthermore, the exponential moving average EMA50 represents a barrier for the price. Currently, the price is trying to test the resistance of the existing downward channel.
Overall, the assessment according to the chart is rather bullish. The immediate support is at 0.45 Euro, the next resistance at 0.54 Euro.
In mid-May, Ripple entered a previously stable downward channel. The price tried to overcome this channel twice, but so far the exponential moving average EMA50 has been confirmed as impenetrable resistance. Currently, the price is dancing around this EMA50 and is aiming for another test of the downlink channel. It remains to be seen whether the rebranding of the XRP logo and the associated differentiation between the company Ripple and the digital currency XRP will give the price wings.
The MACD (second panel from above) is positive and rising: the MACD line (blue) is above the signal (orange). Regarding the MACD, the bullish divergence between MACD and price development that has been going on for weeks is also noticeable.
The RSI is at 54 and thus bullish
Overall, the situation is bullish according to the price, trend and indicators.
Support and Resistance
The first support level is 0.45 Euro and is described by the downward channel support. The next support level is 0.39 Euro on the same level as the plateau at the beginning of April.
The first resistance at 0.54 Euro is described by the EMA100. If the price can break through this level, the next resistance of 0.60 Euro will be at the level of the maximum price reached on 21 May.