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XRP Price Prediction for May 8

Wed, 8/05/2024 – 15:49

Cover image via www.tradingview.com

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Buyers are still weak, according to CoinMarketCap.

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XRP/USD

The price of XRP has declined by 2.18% over the last 24 hours.

Image by TradingView

Despite today’s fall, the rate of XRP is looking bullish as it is near the local resistance level of $0.5280. If it breaks out, there is a chance to see a test of $0.53.

Image by TradingView

On the bigger chart, neither bulls nor bears are dominating as the price is far from the key levels. Furthermore, the candle is about to close far from its peak or low. 

In this case, sideways trading in the zone of $0.52-$0.53 is the more likely scenario.

Image by TradingView

From the midterm point of view, one should pay attention to the weekly bar’s closure. If it happens near $0.55, traders may expect a local bounce back.

XRP is trading at $0.5252 at press time.

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