XRP Could Retest Former Range Highs: What Investors Need to Know
23. Mai 2023
• XRP rallied over 10% between Tuesday (16 May) and Friday (19 May).
• Despite the ongoing legal proceedings, the Ripple team unveiled plans to be a go-to-platform for CBDC development.
• The strong rally from 16 May saw XRP rally over 10% by 19 May, as per the price range tool on TradingView.
Rise of Ripple [XRP]
Ripple [XRP] price action eased near the former mid-range level after a strong rally last week. XRP rallied over 10% between Tuesday (16 May) and Friday (19 May), with only Litecoin [LTC] posting similar gains amongst the top 20 crypto assets according to CoinMarketCap. This was despite Bitcoin [BTC] being stuck in the $26k price zone at press time which could constrain strong upside movement even for XRP.
Ripple’s Plans for CBDCs
Despite the ongoing legal proceedings, the Ripple team unveiled plans to be a go-to-platform for CBDC development for countries, governments, and financial institutions – could this fuel further bullish momentum?
Price Action Analysis
The strong rally from 16 May saw XRP rally over 10% by 19 May, as per the price range tool on TradingView. Initially, the price faced rejection at the former mid-range level of $0.4604 but bulls later smashed it on 18 May leaving an FVG (fair value gap) zone of $0.451 – $0.459 (white). So far, the price has reacted positively to this zone and could be a demand zone however bulls may be slowed near recent highs at $0.4757 if BTC fluctuations below $27k persist or retest of former range high of $0.487 is possible if BTC reclaims $27k decisively . Conversely, session close below FVG zone and/or $0.4412 could tip sellers sinking XRP to former range lows of $0.433 meanwhile RSI’s value was 56 indicating increased buying pressure whilst OBV has risen since 12thMay showing improved volumes in same period CVD eased over weekend but…
Odds of Retesting These Levels
Odds of XRP retesting these levels depend upon whether Bitcoin can reclaim its previous resistance ($27K) decisively or not; if so then Ripple will have more opportunity to test prior highs while failure to do so might cause prices to sink back down again eventually testing lower range boundaries around $0.433 once again depending upon market sentiment prevailing at that time..
The information presented does not constitute financial, investment, trading or other types of advice and is solely based on writer’s opinion; readers are advised to conduct their own research before investing in any cryptocurrency such as Ripple [XRP].