XRP Price Prediction – May 16
XRP/USD is seen trading below the moving averages against the US dollar.
Resistance levels: $0.23, $0.24, $0.25
Support levels: $0.17, $0.16, $0.15
XRP/USD is slowly declining below the key supports. The coin might revisit the $0.18 support before it could start a new increase. After struggling to stay above $0.20, Ripple (XRP) started a slow and steady decline. The coin is trading below the key $0.20 support area to move into a short term bearish zone.
However, the pair is currently exchanging hands at $0.199 and any attempt to make it cross below the lower boundary of the channel may likely open the doors for more downsides and the price could spike below the $0.19 support level. However, traders should keep an eye on the $0.18 before creating a new bullish trend at the resistance levels of $0.23, $0.24 and $0.25.
Furthermore, we may experience a quick buy once the trade reaches the support at $0.190. And if the price fails to rebound, then a bearish breakout is likely to trigger more selling opportunity for traders, which might cause the price to retest $0.17 and could further drop to $0.16 and $0.15 support levels respectively. The RSI (14) is moving around 47-level. If the green-line of 21-day MA remains above the red-line of 9-day MA, Ripple (XRP) may continue to fall more or follow a sideways movement.
Comparing with BTC, the Ripple (XRP) is moving on the downside within the descending channel. If the selling pressure persists, the XRP price variation may likely bring a new low. At the moment, the technical indicator RSI (14) is moving around 30-level; a negative move may come to play in the market as the pair moves under the 9-day and 21-day moving averages.
However, traders may expect close support below the lower boundary of the channel at 2000 SAT before breaking to 1900 SAT and critically 1800 SAT levels. If a bullish movement occurs and validates a break above the moving averages; we can then confirm a bull-run for the market and the nearest resistance levels lie at 2350 SAT and above.
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