Ripple (XRP) Price Technical Analysis (May 30): It’s a Bull!

Ripple (XRP) is currently trading at $0.4632. Looking at the chart, we can see that the price has broken the resistance of $0.4597. There Is formation of a bullish engulfing pattern which is obviously a bullish pattern, indicating an uptrend movement. Support is at $0.4597 with resistance a $0.4964.

Dow Theory

According to Dow Theory, the digital coin is currently appearing in the public participation phase; during this phase, negative sentiment starts to dissipate. This phase tends not only to be long lasting, but also the one with the largest price movement. It is also the phase in which most technical and trend traders start to take long positions. The trendline is also acting as support.

Bollinger Bands

XRP is moving between the channels. The channel is expanding, indicating high price volatility. RSI was in the overbought region; it declined, and now it is again moving towards the overbought region, indicating an upward movement.

Moving Average

Taking 9 period moving averages (blue) with 21 period moving averages (red), a bullish crossover is seen. The price is moving above the 9 period moving average, indicating an uptrend. The moving average can also be used as a stoploss.

Conclusion

Ripple (XRP) is currently trading at $$0.4632. Support is at $0.4597 and resistance is at $0.4964. Long positions can be taken at this price, keeping support as stop loss; the overall trend is bullish with a target price at $0.4964. The above levels can be used for swing trading. It is suggested to stick to the above mentioned stoploss as this could be a false breakout and the RSI is moving towards the overbought region. The midterm target is $0.5386.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 0.4573 0.4600 0.4620 0.4647 0.4667 0.4694 0.4714
Fibonacci 0.4600 0.4618 0.4629 0.4647 0.4665 0.4676 0.4694
Camarilla 0.4627 0.4631 0.4636 0.4647 0.4644 0.4649 0.4653
Woodie’s 0.4569 0.4598 0.4616 0.4645 0.4663 0.4692 0.4710

Technical Indicators

Name Value Action
RSI(14) 64.841 Buy
STOCH(9,6) 71.722 Buy
STOCHRSI(14) 95.871 Overbought
MACD(12,26) 0.005 Buy
ADX(14) 24.897 Buy
Williams %R -17.035 Overbought
CCI(14) 69.2225 Buy
ATR(14) 0.0077 Less Volatility
Highs/Lows(14) 0.0024 Buy
Ultimate Oscillator 52.685 Buy
ROC 3.336 Buy
Bull/Bear Power(13) 0.0079 Buy
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