Will Ripple (XRP) Extend Its Bullish Run This Week ?
XRP is currently in a consolidation phase, but potential bullish signals are emerging. Technical analysis indicates promising opportunities to watch on May 27th.
XRP is currently in a consolidation phase, but potential bullish signals are emerging. Technical analysis indicates promising opportunities to watch on May 27th.
Currently, the price of XRP is stuck between a support around $2.30 and a resistance around $2.34-2.35. While Bitcoin is holding up better than most altcoins, XRP is struggling to keep up, facing pressure from the overall market.
However, interesting technical signals are emerging on the chart. A possible bullish divergence is forming on the 4H RSI, indicating that the price could start a short-term rebound. Yet, this setup is not confirmed yet and requires careful monitoring.
If the XRP price manages to surpass the resistance of $2.35, it could then target the next key area at $2.44 before potentially heading to $2.70 according to FBB. Beyond that, a major resistance lies between $2.80 and $2.90.
On the contrary, failing to hold above $2.30 could pave the way for a decline towards the significant support of $2.10-2.15. However, such a scenario may not necessarily be negative in the long term.
If XRP were to pull back to $2.00 and find strong support there, it could set the stage for a major bullish pattern on the daily chart – an inverted head and shoulders. This pattern is typically a precursor to a trend reversal to the upside.
Despite the current consolidation phase, XRP presents interesting technical signals that deserve the attention of experienced traders for the short term. May 27th could be a key date to watch, with the possibility of a significant bullish breakout if certain technical conditions are met.
As indicated by Tony The Bull, the monthly RSI of the token is pointing towards a major uptrend in the coming months. XRP remains a wise long-term investment.
An buying opportunity may arise, provided one remains vigilant and manages risks well. Indeed, tomorrow’s Bitcoin conference could be a volatile day. Additionally, Ripple’s token still has a strong trendline to clear below $2.11. It will be crucial to monitor Ripple’smovements in the next two days and the mentioned key levels.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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