Highlights
The cryptomarket is emitting a greenish glow on Thursday. XRP climbs to fresh highs of $1.81 on May 6 amid increased buying pressure. XRP began its ascent the prior day after flipping the $1.31 level into support. Now ranking 5th largest, XRP has a present market cap of $75.4 billion and $16.7 billion in trade volume over the last 24 hours. At the time of writing, XRP was exchanging hands at $1.63, up by 4.16% in the last 24 hours and 17.78% weekly. On May 4, Ripple announced the appointment of Rosie Rios, the 43rd treasurer of the U.S. to its board while also hiring Kristina Campbell as CFO. Large-cap Altcoins such as XRP have benefitted from the immense bull run seen in the Altcoin market of late, led by Ethereum. With such colossal growth occurring in a short period, it is normal for traders to take steps that help lock in profits and then look for the next potential investment vehicle.
Key Levels
Resistance Levels: $2.000, $1.8500, $1.7500
Support Levels: $1.5169 $1.4085, $1.3000
XRP/USD Daily ChartXRP corrected lower and tested the $1.31 support on May 4. The XRP/USD pair started a decent recovery to trade at $1.81. In an upside break attempt towards the $2 level, the 2018 resistance range from $1.79 to $2.14 will test bulls’ caliber. A clear break above the $2 psychological level could open the doors for a steady increase towards the Jan 2018 all-time highs of $3.84. The RSI in positive territory suggests a minor advantage to the bulls.
On the downside, in the case that XRP retreats from current levels, immediate support could be faced from $1.55 and $1.27 levels. Below that, the $1.17 level could attract attention ahead of the $1.07 support, which coincides with the MA 50. There is an ascending trend line forming with support near $0.9 on the same chart that may put a lid on further losses.
XRP/USD 4-Hour ChartLooking at the 4-hour chart, the XRP/USD pair started a decent upward move from the $1.32 low. There was a break above the MA 50 barrier near $1.51. XRP cleared the next resistance at $1.57 to trade at a $1.81 high. A successful close above the $1.81 level could lead the XRP/USD pair towards the $2 psychological level. Any more gains may push XRP towards the $2.2 and $2.7 levels.
On the downside, the $1.61 level may serve as immediate support. The main support sits at $1.51 (The MA 50), below which the XRP/USD pair is likely to accelerate lower towards a retest of the next major support at the MA 200 ($1.31). Overall, XRP/USD could gain pace if it clears the $1.81 resistance. The pair could decline heavily if there is a close below $1.31.
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