Ripple price analysis, 9 May 2019; XRP is going stagnant

Bitcoin is transgressing 2019 high by beating six thousand dollars ($6000) mark, however, altcoins are anguish and Ripple is tussling as XRP flips to support $0.30 level. Crypto has experienced a 15% drop in cost since the past month. The condition for XRP is a lot poorer than BTC.

XRP/BTC duo has been continuously dwindling all over the year, descending approximately fifty percent (50%) from the annual open cost. A few hours ago, the coin fell lower than the support at 5000 SAT level.

Ripple is currently ranked as the third leading project in terms of market cap value as it clamps 12.57 billion USD market cap.

Ripple price analysis, 9 May 2019; XRP is going stagnant 2Ripple XRP price chart created with Trading View

Presently, XRP/USD duo has dropped lower to support at $0.30 level. If the downtrend remains, the cost is expected to fall below the short-term wedge.

From above: The closest level of opposition lies at 0.31 and 0.32 dollars. More hindrance is seen at 0.336 dollars which holds temporary bearish pace on .5 Fibonacci Retracement level. Beyond 0.3366 dollars, resistance is expected at 0.3507, 0.3615 and 0.3708 marks.

From below: The closest level of support below 0.30 dollars occurs at 0.29 dollars. This zone has delivered robust funding for XRP markets in the past few months. Therefore, it is likely to provide solid support in moving forward. Below 0.29 dollars, support is located at 0.2811 and 0.2650 dollars.

The RSI indicators have started a crossover gesture in the overbought zone, causing a fall of cost after sensing the hint. Now it has moved into a bearish zone beneath 50 as the retailers hold the market forces.

Ripple price analysis, 9 May 2019; XRP is going stagnant 3

Ripple XRP price chart created with Trading View

In comparison with BTC, Ripple fell below support at 5000 SAT as well and persistently lowered to its current trading i.e. 4907 SAT. The coin has been sinking against Bitcoin since the past year.

From above: The closest level of opposition lies at 5000 SAT. Additional resistance lies at 5100, 5300 and 5500 SAT. Advanced confrontation is found at 7000 and 7200 SAT.

From below: The closest level of funding appearing at 4800 SAT. If the bears lowered consistently, further support will be at 4650 and 4380 SAT.

The RSI indicators are approving bears’ thrust. For retrieval, the RSI must break above the 50 mark.