04.05.202115:10 Forex Analysis & Reviews: Trading Signal for Ripple XRP, for May 04 - 05, 2021: Sell below $1.5625

Exchange Rates 04.05.2021 analysis

During the previous sessions, the XRP has been moving in a range between $ 1.6423 and $ 1.5625. It is now trading below this level.

Ripple XRP price, faced rejection around 4/8 of murray at $ 1.5625, is now trading below the 21 SMA, and above the 200 EMA. From this level, there is likely to be a bearish move to the bottom of the upward channel.

On the contrary, a sharp bullish momentum could break through $1.5625 and $1.64 barrier, and the XRP price would target the annual high around $1.9531, and reach the key level of $2.34 which is the monthly resistance.

On the 4-hour chart, you can see that XRP is trading within the uptrend channel, so any pullback could be considered a correction for further bullish momentum.

The technical reading of the eagle indicator shows that the XRP is showing a sign of bullish exhaustion and is accumulating, in order to attract more buyers and be able to challenge the 1.65 barrier, to reach levels of 1.95 and 2.34 in the short term.

Our recommendation is to sell below the 21 SMA and we can also buy at the support of the 200 EMA or if it hits the uptrend channel for a new uptrend wave.

Support and Resistance Levels For May 04 - 05, 2021

Resistance (1) 1.4938

Resistance (2) 1.5545

Resistance (3) 1.6074

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Support (1) 1.4006

Support (2) 1.3783

Support (3) 1.3604

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dimitrios Zappas,
Analytical expert
InstaForex Group © 2007-2021
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