29 May Ripple Price Analysis: XRP At Risk for Another 20% Decline
As with the entire crypto market, which has been in the chopping phase, Ripple is also experiencing a sideways trend following the bloody month of May. The buyers’ side seems weak, and any attempt to drive the price higher encountered sellers’ supply.
Technical Analysis By Grizzly
The Daily Chart:
On the daily timeframe, Ripple remains below the horizontal resistance level of $0.47. This shows the relatively higher strength of sellers in the market.
Considering the current persistent negative momentum, it’s becoming likely to see XRP retesting support at $0.30 – 0.33 – along with the descending line (in green), unless a reversal and reclaim of $0.47 and $0.56 (in red) can take place.
If the bulls cannot defend the support zone at $0.3, then the panic in the market may cause the price to fall to approximately $0.2.
Key Support Levels: $0.33 & $0.24 & $0.17
Key Resistance Levels: $0.47 & $0.56 & $0.65
The XRP/BTC Chart
The chart of the BTC pair also indicates a downward trend. The price remains below the horizontal resistance, similar to the USD pair.
Ripple’s significant challenges are going back to the top of the horizontal resistance levels at 1500 and 1700 SATs. With a high degree of confidence, the trend will change its direction if the price reclaims these levels – and by doing so, XRP will form a higher high. Otherwise, the bears will continue to dominate the market.
Key Support Levels: 1270 Sats & 1100 Sats
Key Resistance Levels: 1500 Sats & 1700 Sats
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