XRP Price Analysis: 27 May

It has been a tough few weeks for XRP. After dropping down to $0.65 last week, the asset was consolidating right around the $1 dollar psychological range. However, the coin might be looking forward to a bullish trajectory in the next few hours. At press time, the asset remained 6th in the charts, with a market cap of $47 billion.

XRP 1-hour chart

XRP/USDT on Trading View

Since 25 May, XRP has oscillated between the resistance of $1.05 and support at $0.90. On certain occasions, the asset looked prime for another bearish drop but it has continued to hold position, forming higher lowers. Now, on the 1-hour chart, a strong ascending triangle is taking shape. The pattern carries bullish implications XRP, and it currently has multiple indicators to support a rise. Firstly, a bullish divergence can be observed between the Relative Strength Index or RSI

Secondly, XRP is currently receiving support from the 50 period-Moving Average, as the price candles continue to move above the indicator. SSL channel also exhibited a buy signal, with the green line residing above the red line at press time.

Market Rationals 

XRP/USDT on Trading View

Support can be identified from other credentials as well. MACD has a completed a bullish crossover, indicative of a bullish trend going forward. Stochastic RSI remains bullish but is close to the overbought zone. However, a breakout may extend its stay in the overbought region.

Awesome Oscillator also indicated increasing bullish momentum, after green channels flipped above the horizontal level.

Target Range for a Long-Position

An entry can be made around the dollar range as XRP might break into the $1.13-$1.22 channel in the next few hours. However, risk should be minimized, and high leverage should be avoided to eliminate trend reversal losses. Ideal stop losses can be kept at $0.95-$0.90.