XRP Technical Analysis Report | 25th-MAY-2023

The cross-border remittance solution and the peer-to-peer payment network XRP recorded a steady decline in value despite positive development. Recently, it clinched a small victory in the long-running SEC legal battle after winning former director William Hinman’s bid to seal the SEC draft: Hinman’s Speaking Papers. The ruling triggered an 8% surge in XRP, after which the network made headlines by signing an agreement with the Central Bank of Montenegro to develop a strategy and pilot program for the country’s first digital currency. Since it hit a short-term high of $1.97 in April 2021 – it is down and is currently trading at $0.46. The trading volume of XRP is down 54% in the last 24 hours.

At the time of writing, XRP was trading at $0.449.

XRP Daily Chart | 25th May 2023
Ripple (XRP) Chart

XRP after making the recent high of $0.585 witnessed a sharp profit booking and the prices corrected almost by 30% and dropped to $0.41. The asset started consolidating in a range at the support of $0.415 (Horizontal Trendline) where the lower longer shadow indicated buying at these levels. XRP finally gave a breakout above the range and started trading upwards and rallied up to $0.4755. The bulls, however, failed to push the prices above the resistance level of $0.49. To further rally it needs to close and sustain above $0.49 whereas $0.435 will act as a strong support for the asset.

  Support 2Support 1AssetResistance 1Resistance 2

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