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

Technical Indicators