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XRP Price Prediction for May 16

Thu, 16/05/2024 – 15:47

Cover image via U.Today

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Some coins are trying to get back to the green zone, according to CoinStats.

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XRP chart by CoinStats

XRP/USD

The price of XRP has increased by 1.13% over the last day.

Image by TradingView

On the hourly chart, the rate of XRP is still under sellers’ pressure, as it is closer to the support than to the resistance level. In this case, there is still a chance to see a breakout, followed by a move to the $0.51 area.

Image by TradingView

On the bigger time frame, none of the sides is dominating after yesterday’s bullish candle closure. 

Respectively, ongoing sideways trading in the zone of $0.51-$0.52 is the more likely scenario until the end of the week.

Image by TradingView

On the weekly chart, the picture is quite similar. If the bar closes around the current prices, traders may witness a consolidation between $0.50 and $0.54 by the end of May.

XRP is trading at $0.5190 at press time.

SOURCE

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