07.05.202117:20 Forex Analysis & Reviews: Trading Signal for Ripple XRP, for May 07 - 10, 2021: Buy above $1,6277

Exchange Rates 07.05.2021 analysis

Despite the ongoing legal battle with the United States Securities and Exchange Commission, Ripple XRP reported a 97% increase in XRP sales for the first quarter of 2021.

XRP (Ripple) released its first quarter 2021 markets report on May 6 and revealed that total sales net of purchases had gone from $ 76.27 million in the fourth quarter of 2020 to $ 150.34 million in the first quarter of this year.

From its low at 0.26, Ripple has grown to the current level of 1.65. This is a big increase, greater than BTC, undoubtedly the optimism for this cryptocurrency, is still strongly bullish.

Therefore, on the technical level, we note that XRP is located in 4-hour charts above the SMA of 21 and the EMA of 200. This is a sign that there could be an upward movement of XRP in the next few days.

In addition, XRP is located above the pivot point of 4/8 murray. This level is the key to expect a price increase in XRP, because above this level we expect the upward movement to continue to the 1.75 and 1.95 area.

The technical reading of the eagle indicator shows that there is still bullish force, and in the short term it could go to challenge the 1.95 area and rise to 2.50. Our recommendation is to buy Ripple as long as it remains above the 200 EMA and above 4/8 of a murray.

Support And Resistance Levels For May 07 - 10, 2021

Resistance (1) 1.7296

Resistance (2) 1.8537

Resistance (3) 1.9765

Support (1) 1.4825

Support (2) 1.3648

Support (3) 1.2354

*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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