Ripple Price Analysis: Is XRP/USD skyrocketing to $0.35 in May?
- Ripple price stalls under $0.22 after a majestic move above $0.20 pivotal level.
- Speculation surrounding incoming Bitcoin halving could send XRP to $0.35 in May.
Ripple price bulls made a compelling move to overcome the critical resistance at $0.20 on Tuesday. Following the brilliant move past $0.20, buyers thrust the price higher to such an extent that $0.22 level was tested since the crash on March 12. XRP/USD has slowed down the momentum and teeters at $0.2145 at the time of writing. Recovery is expected to continue in the coming sessions, especially if the resistance at $0.22 is broken.
Various technical indicators present a bullish picture for XRP. For instance, the MACD has entered the positive region and continues to extend its reach higher. A divergence from the MACS signals that bulls continue to gain traction against the bears. Trading above the 50-day SMA has also been very instrumental to the price action in the past week. Resistance is expected at $0.2308 (confluence formed by the 200-day SMA and the 50% Fibonacci level).
A breakout of the same magnitude as the one in February. In other words, recovery is expected to hit highs around $0.35 in May mainly riding on the volume likely to be created by the speculation surrounding Bitcoin halving.
In the event a reversal from current levels ensues, XRP is likely to find support at the 38.2% Fibonacci levels taken between the last swing high at $0.34 to a swing low at $0.11, $0.20 and $0.1750.
XRP/USD daily chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
