BARCELONA, Spain – Ripple is back for a massive comeback. Since the start of May, charts have shown that the XRP is likely to hit the highs again this month. And today, it proved just that. April has been a hard month for this crypto coin as it hit a lot of lows, including the Relative Strength Index going to the oversold region. May looks like the bulls’ month as Ripple may start rushing towards $0.73. If this momentum keeps up, it will be an 18% gain for Ripple.
If you own an XRP coin, you might want to watch out for a $0.11 increase. After the FED meeting on Wednesday, analysts assume that there might be a chance for the rates to increase without triggering any sell-off in risk assets. These predictions have caught the attention of investors as well, and if they include Ripple in their game plan, then expect to see more bullish trends in the upcoming days.
Even the Relative Strength Index now has gone from the oversold region to the upside. Bulls are gaining over the bears at the new pivot for this month at $0.67, which might signal more runs towards the highs. The RSI is at mid-50, which still has room for more upside.
However, traders are still asked to take precautions (as always) as the FED rate decision nears. If Powell comes out hawkish and the FED suddenly hikes, then there might be a massive slaughter in the risk assets, especially for cryptocurrencies and equities, which the XRP is not immune to. When this scenario happens, the bulls might start running away from the scene, and the Ripple’s price may flunk down to $0.59, which might signal more movements to the downside, to as low as $0.48.