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XRP/USD has cascaded lower in the past day of trading, and is approaching troublesome mid-term values as support levels have proven vulnerable.
As of this writing XRP/USD is traversing only slightly above the 64 cents mark, this after suffering a steep downward trend. On the 28th of March XRP/USD was near the 91 cents juncture and sentiment appeared ready to launch another leg upwards as sentiment was seemingly ready to proclaim the death of the long term bearish trend. Instead the price of Ripple started to languish, following in the footsteps of the other major cryptocurrencies.
On the 11th of April XRP/USD fell to a value slightly above the 68 cents, but on the 16th of April Ripple climbed backed towards a rather optimistic 80 cents. However since the 19th of April, XRP/USD has taken a darker tone. The price of XRP/USD on the 19th traced above 77 cents, but since then has seen a steady decline and the past couple of days starting on the 26th the price of Ripple has suffered. After breaking below the 68 cents price, XRP/USD has suddenly seen increased downward sentiment arise and the value of 64 cents is now being challenged.
XRP/USD has tested mid-term lows and is now coming within sight of depths it has not touched since late February. On the 24th of that month, XRP/USD challenged the 62 and half cents level, but then produced a solid bullish climb to the highs produced in late March. The month of April has not been easy for day traders of Ripple who have pursued upside, and as the month of May gets set to begin uneasy sentiment will have to be considered. Day traders who seek reversals upward certainly have important technical support to inspect, but the question is if these support levels will prove durable or if they will be swept aside?
XRP/USD is a solid barometer of the broad cryptocurrency marketplace and the acknowledgement that nervous sentiment is not only bubbling once again, but starting to produce significant lows for many of the major digital assets is troubling. When the month of April started speculators may have been having visions of new highs being attained in Ripple and the 1.00000 mark being targeted. However, XRP/USD has fallen and is showing little in the way of ability to produce a sustained reversal higher. XRP/USD is dangerously close to February lows and if these values are sincerely tested, traders may believe prices seen in the last week of January could be engaged.
Ripple Outlook for May:
Speculative price range for XRP/USD is 0.55000 to 0.85400.
If the 63 and half cents support level falters short term, and the 62 cents mark is seriously challenged, alarm bells could be quickly sounded within Ripple. If the 62 cents mark is touched and broken lower, a significant test of lower prices could ensue which would test January prices near the 59 to 57 cents levels. While these levels may appear technically hard to break lower, traders need to understand the current values of XRP/USD now being traversed are within sight of these lower price levels. If the 64 cents level fails to be sustained, and trading doesn’t produce a sustained reversal past the 66 cents price, nervous sentiment may cause speculators to sell.
Traders who remain bullish and believe XRP/USD and the broad cryptocurrency marketplace will soon produce a turnaround cannot be blamed. However, day traders who seek upside momentum may find that they are too early and the trend is hard to capture. It may prove more worthwhile for some speculators to wait for XRP/USD to create upside momentum and break through the 65 cents level before pursuing buying positions. Targets should be kept realistic by all speculators. While the 66 to 68 cents levels may seem quite attainable, using take profit orders and cashing out winning positions if they are achieved is often the best choice. If XRP/USD were to break 69 cents and sustain this price, traders could not be blamed for thinking the 70 cents juncture is about to be tested.
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