Ripple Price Analysis — May 4
Ripple has fallen into a sideways bias between $0.6000 and $0.6300 as traders resign to the sidelines ahead of the US Fed interest rate decision later today.
The cryptocurrency briefly dipped below the multi-month-long trendline last weekend but has fought to keep its head afloat today. The cryptocurrency has also wandered into an oversold condition but might not act on this amid the drought of trading volume or momentum in the market.
A favorable reaction to the interest rate announcement should catapult XRP towards the $0.6500 mark in the following hours, where it could stand a chance to push for the $0.7000 level. However, the opposite reaction to the announcement might leave the sentiment unchanged and keep the price close to the $0.700 figure. That said, an aggressive bearish reaction to the rate decision seems unlikely at this time.
Meanwhile, my resistance levels are $0.6300, $0.6500, and $0.6800, and my support levels are $0.6000, $0.5800, and $0.5500.
Total Market Capitalization: $1.76 trillion
Ripple Market Capitalization: $28.8 billion
Ripple Dominance: 1.70%
Market Rank: #6
The cryptocurrency briefly dipped below the multi-month-long trendline last weekend but has fought to keep its head afloat today. The cryptocurrency has also wandered into an oversold condition but might not act on this amid the drought of trading volume or momentum in the market.
A favorable reaction to the interest rate announcement should catapult XRP towards the $0.6500 mark in the following hours, where it could stand a chance to push for the $0.7000 level. However, the opposite reaction to the announcement might leave the sentiment unchanged and keep the price close to the $0.700 figure. That said, an aggressive bearish reaction to the rate decision seems unlikely at this time.
Meanwhile, my resistance levels are $0.6300, $0.6500, and $0.6800, and my support levels are $0.6000, $0.5800, and $0.5500.
Total Market Capitalization: $1.76 trillion
Ripple Market Capitalization: $28.8 billion
Ripple Dominance: 1.70%
Market Rank: #6
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