XRP price affected by new token sales announced by Ripple Ltd?

XRP price has now increased by over 43% since the beginning of the year, and the rally has just begun. XRP has finally broken the series of losses over the past two years, as long as XRP trades above $ 0.247, the price of XRP will probably be motivated enough to rise to $ 0.60 in June.

As long as XRP trades above $ 0.247, the XRP price will increase to $ 0.60

Brave New Coin analyst Josh Olszewicz analyzed the XRP price through the use of the Ichimoku Cloud, a set of technical indicators designed to highlight significant trend changes and support and resistance levels. According to him, the price of XRP has risen above the Kumo band, and the breakout suggests that buying opportunities may be within reach.

However, DonAlt trader denied this view. Recently, he said he had taken profits, and the seller may soon take over. DonAlt remains firm in the call that recent price action is part of a general pullback. His bearish view will be invalidated if XRP climbs above $ 0.30.

Even so, people should keep an eye on the charts right now, as the price of XRP is approaching a significant range. Despite being a worse performer than the other cryptocurrencies in the past few weeks, XRP is still working to keep pace with other digital assets.

The importance of the $ 0.28 level has been repeated. The question of whether or not the price of XRP will go higher because of the $ 0.28 resistance has not been answered, but many people seem to be convinced of the case.

Recently, XRP only closed a weekly candle above the $ 0.28 resistance level. Reason: $ 0.28 has been a critical price point for cryptocurrencies over the past few years, acting as macro support and resistance in some cases. Their conversion of $ 0.28 into weekly (long-term) support means that the trend of XRP is becoming positive again.

Besides, as AZCoin News reported, Ripple has partnered with International Money Express (also known as Intermex), a leading money transfer and financial services company listed on NASDAQ under the IMXI code. The partnership sees Intermex starting to use Ripple’s flagship product, On-Demand Liquidation (ODL), to transfer money. This is noteworthy in the asset context because the product uses cryptocurrencies as a base class or currency for transactions, helping to provide faster, transparent money transfer services between the United States and Mexico.

XRP/USD daily chart

XR /USD is currently trading at $ 0.2729 after a failed attempt at $ 0.29 and $ 0.28. News about the sale of XRP by parent company Ripple Ltd did not help the uptrend continue. Above the current price, the first resistance is at $ 0.28, followed by the second at $ 0.29 and the third at $ 0.30.


Source: Fxstreet

Below the current price, the first support at $ 0.27, followed by the second at $ 0.255 and the third at $ 0.237. The MACD on the daily chart shows that the upward slope is decreasing slightly, while the opening between the lines is also getting worse.

The DMI on the daily chart shows that the bulls have a neutral profile, while the bears respond strongly. It seems that the sell side of XRP/USD may be able to lead the pair.

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like