Crypto Screener Forums Ripple (XRP) Forecast – Technical Analysis Ripple (XRP) Technical Analysis – May 2018

This topic contains 2 replies, has 2 voices, and was last updated by margincall margincall 1 year, 1 month ago.

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  • #17634
    admin
    admin
    Moderator

    This is the thread for technical reports on the Ripple markets for the month of May 2018.

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  • #17708
    margincall
    margincall
    Keymaster

    The Ripple bear trend has accelerated and the previous mentioned support zone, $0.60, failed as the sellers proved to much for the market. There are some buyers around $0.55, but the price action is lacking and I think lower prices for Ripple could be on the cards for the short term.

    xrpusd forecast 29 May 2018

    Like they say in wall street, “The trend is your friend”, so it would be the safest option to wait for the bearish trend to reverse itself before going long. Picking bottoms could be a rewarding past time, but I would like to remind you that going long against the bears is almost never a good idea.

    In my opinion there is strong support above $0.50 and higher risk traders might be placing buys up to $0.55 with tight stop losses. However it is important to read the market and move buy orders up or down accordingly.

    Personally I don’t have any plays planned for the Ripple market, but bullish action and consolidation above $0.60 this week would draw my attention.

    Resistance is solid above $0.60 and it would seem that $0.55 could become the new ceiling should the bulls stay shy today.

     

    #17652
    margincall
    margincall
    Keymaster

    Taking a look at the Ripple market versus the US Dollar. Taking a quick look at the chart we can see the market is following a similar trend to that of Bitcoin.

    xrpusd forecast 18 May 2018

    The bearish pressure proved to much for the bulls and the market has seen some selling pressure since the end of April. Just like Bitcoin the charts are giving many contradicting signals. We can see buying support above $0.60 and if we can consolidate above $0.65 going into the weekend it might be a sign of recovery, and even possibly a bounce.

    Currently the bearish momentum is confirmed by the indicators as well as candlestick patterns and trend lines. Like I mentioned in the Bitcoin report, volume is quite low and the next move will be determined by the buying/selling pressure.

    Safe trades.

     

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