- XRP Falls Below the $0.22 Support That Held Strong Yesterday Forming new Support at $0.21
- Ripple Still Under Fire After Lawsuits and Many Other Scandals in the Community
Ripple News Today – In our XRP Price prediction analysis yesterday, we talked about how the price of Ripple XRP was holding the $0.22 support despite the downside correction in the market. The $0.22, which once acted as a resistance level last week, was smashed during the cryptocurrency market bull run. Even if XRP didn’t surge at the same pace as the rest of the market, it managed to move above the shameful $0.90 level crossing the strong resistance at $0.20. Unfortunately, the price of Ripple XRP is back in the red zone as you would see in our XRP price analysis.
XRP (XRP) Price Today – XRP / USD
Ripple News Today – XRP Price Analysis for May 7th
On the 30th of April, amid the peak of the bull run, the XRP token moved as high as $0.24 after smashing many resistance levels. Unfortunately, the token faced rejection at this $0.24 level and was unable to move higher than this level. It started moving lower little by little until the $0.22 support was breached again this morning. This $0.22 level also served at the Bollinger band this morning before or was breached. The 50-day simple moving average is moving east just like the Bollinger band. This shows that even if the bears are already in the market, there is still a battle between them and the bulls that have kept the token in a trading range of $0.21 and $0.22. So, there is still hope for the bulls.
At the time of writing, the price of the token was $0.216186. This means that it is up by 1.76% against the USD and down by 4.18% against the price of Bitcoin. The trading volume over a 24 hour period is $2,274,326,148 and the market capitalization is $9,536,564,063. The Stochastic Oscillator is between the 80 and 40 ranges. If they cross the 40 range, the bulls will come back to the market and cross the major resistance levels which are at $0.24, $0.20, and $0.28. The support levels are at $0.16, $0.18, and $0.20. It is important that XRP stats above the $0.20 level to prevent lower lows short-term and because retesting it will be extremely difficult if the token falls below it again. The next few hours of trading will help us determine if the price action will change. In fact, the trend of the XRP token today might be just what we need to determine the short-term fate of XRP.