Ripple (XRP) Price Analysis – May 30
The Sellers Stepped Into The Market After Huge Supply
Published on Thursday May 30, 2019
XRP/USD Medium-term Trend: Bullish
Supply levels: $0.48, $0.5
Demand levels: $0.42, $0.4
XRP is currently selling heavily on the medium-term perspective, revealing that the bears have just stepped into the market. The market plunged after testing the flat top trend line which has now formed a resistance for the market. The sharp drop was quickly reflected on the 4-hours RSI.
As it appeared now, selling pressure is likely to make bottom at the $0.4 demand level. However, the closest level for the bulls is located at the $0.48 supply level. As of now, the XRP market follows a bullish triangle formation.
XRP/USD Short-term Trend: Bullish
For the past three days, XRP has shown some significant positive rally which has been following a rising channel. Currently, the market is attempting to drop below the channel but it appears that the buyers have managed to push the price back in the channel.
If the sellers succeed, the XRP price may slump to $0.42 demand level and below. On the other hand, the bulls may restore the price back at $0.47 supply. Meanwhile, the hourly RSI has crossed under the 50 level, indicating a bearish move.