Ripple has seen a small recovery from its 2019 recorded low, as the coin currently trades at a price of $0.318.
The market has traded sideways over the past 90 days after shedding a small 2.7% over the that period. XRP had topped above the 100 days moving average line during the beginning of April 2019 to achieve a high of $0.38 but has since then broken back down.
Ripple is ranked as the third largest cryptocurrency by market cap with a market cap of $12.83 billion.
Looking at the XRP/USD 1-Day Chart:
- Ever since our last Ripple analysis, we can notice that the market had continued to break beneath the corresponding ascending trend-line. The market went on to fall into support at the $0.2890 level, which is also the December 2018 low. XRP had kicked back, but has encountered resistance around $0.3257.
- From above: The closest level of resistance lies about $0.3325 which consists of the 100-day moving average line. Above this, higher resistance lies at $0.34 and $0.35. Other resistance then lies at $0.3615 and $0.38.
- From below: The nearest level of support lies at $0.32. Beneath, additional support lies at $0.30 and $0.289 which is the December 2018 and January 2019 low levels. Beneath $0.289, further support lies at $0.2811 and $0.2649.
- After the Stochastic RSI oscillator had marked a crossover above in the oversold area, the RSI has managed to break back above the 50 level which could be a promising signal for the bulls.
- The trading volume has continued to be below average over the past handful of days which could very well signal that the sellers have wound up their selling.
Looking at the XRP/BTC 1-Day Chart:
- Also against Bitcoin, Ripple continued to struggle and drop beneath the previous support at 6000 SAT. We can see that the market had managed to find support at 5590 SAT and has held there over the past few days.
- From above: The nearest level of resistance lies at 5790 SAT and then 6000 SAT. Further resistance lies at 6210 SAT, 6730 SAT and 7000 SAT. If the buyers can break above 7000 SAT, higher significant resistance lies at 7200 SAT which contains the 100 days moving average line.
- From below: As mentioned, the nearest level of support lies at 5590 SAT. Beneath this, further support lies at 5300 SAT and 5000 SAT.
The post Ripple Price Analysis May 1: XRP Goes Even Lower Against Bitcoin. Where Is The Low? appeared first on CryptoPotato.