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XRP Price Prediction for May 5

Sun, 5/05/2024 – 14:51

Cover image via www.tradingview.com

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Neither bulls nor bears are dominating on the last day of the week, according to CoinMarketCap.

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XRP/USD

The price of XRP has fallen by 1.55% since yesterday. Over the last week, the price has risen by 1.70%.

Image by TradingView

On the hourly chart, the rate of XRP is neither bullish nor bearish as it is in the middle of the local channel. As neither side is dominating, ongoing sideways trading in the zone of $0.5270-$0.53 is the more likely scenario until tomorrow.

Image by TradingView

On the daily time frame, the price is far from the main levels, which means any sharp moves are unlikely to happen.

Traders may only start thinking about a local rise if they restore the rate above the resistance level of $0.5368.

Image by TradingView

From the midterm point of view, the situation is more bullish as the price is returning to the nearest level of $0.5370. If a breakout happens, buyers may seize the initiative, which can lead to a test of the $0.56-$0.58 zone soon.

XRP is trading at $0.5282 at press time.

SOURCE

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