Analysis

Bears vs. Bulls: Will the XRP’s Price Move Higher or Lower This Month?

In terms of cryptocurrency, experts can only make predictions. May has been a good start for XRP as it showed promising results from bulls trying to gain the upper hand. However, charts today show that the bears are trying to compete as hard as possible.

The past couple of days’ prediction indicated that Ripple could break and reach the $0.80 resistance level. Before that, though, it needs to break the crucial $0.75 resistance level. If this scenario were to happen, chances are there will be a lot of bullish movements in the upcoming days.

Bears vs. Bulls- Will the XRP’s Price Move Higher or Lower This Month
A photo of a person holding a mobile phone showing charts

However, as of writing, the XRP failed to protect the $0.65 support level and is likely to fall under this support level to as low as $0.37. It will likely happen if the bears gain the upper hand and push the price further down. The bulls need to protect and possibly push the price higher than $0.65 to make more upward trends happen.

Bears vs. Bulls- Will the XRP’s Price Move Higher or Lower This Month
A photo of a man using a laptop and multiple monitors in the office

It is facing rejection at this support level, and if it manages to dip to $0.56 or lower, there might be more bearish movements.

Still, Ripple is showing promising results if you look at different technical indicators. Experts are still holding on to historical data as this kind of movement had happened in the past already, when Ripple was able to hit above $1.

The XRP is now at 37 in the Relative Strength Index (14). It had overcome the oversold region when buyers emerged. In terms of daily stochastic, it is at 25%. These indicators show bullish momentum, but the 21 and 50-day moving averages show a downslope, which indicates a downtrend.

XRP’s price continues to be a battle between the bears and the bulls as they move the price either higher or lower.

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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