Ripple: Price Analysis, May 23

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XRP/USD

Ripple is fast approaching the bottom of the large range. Though this support of $0.56270 had broken down in end-March of this year, it did not find sellers at lower levels, and prices again climbed back into the range on April 12.




XRP/USD

We believe that the bulls will again attempt to defend the $0.56 levels. If the lows hold, traders can expect the XRP/USD pair to rally to $0.93 and then to $1.22 levels in the medium term.




We suggest waiting for a few days to confirm that the decline has ended before buying because a fall below $0.56 can extend the decline to $0.45, below which the digital currency can plunge to $0.24.

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