Bulls Undecided Around $1, Ripple Puts Forward Plans of Hosting NFTs on XRP Ledger

• A downside move on XRP to lows of $0.62 on May 23 was followed by a relief rally to highs of $1.07
• XRP was exchanging hands at $0.94, up 5.50% in the last 24 hours while down by 45.16% weekly
• XRPL developer community is proposing features to make XRPL the go-to chain for NFTs

The cryptocurrency market sentiment remains mixed. At the time of writing, only a small handful of Altcoins was seen trading in the green, as BTC dipped towards $36k. Like most digital assets, XRP had a rough ride in the previous week, which plunged nearly 55% to lows of $0.75 on May 19. A further downside move to May 23 lows of $0.62 was followed by a relief rally to highs of $1.07 on May 25 before the bears took their toll. At the time of writing, XRP was exchanging hands at $0.94, up 5.50% in the last 24 hours while down by 45.16% weekly. Ranking 7th largest, XRP has a present market cap of $42.31 billion and $8.69 billion in traded volume over 24 hours. Ripple is putting forward plans of hosting NFTs (Non Fungible tokens) on XRP Ledger, stating in a May 24 report that the developer community around XRP Ledger is already hard at work proposing features and providing tools and documentation to make XRPL the go-to chain for NFTs.

Key Levels
Resistance Levels: $1.5169, $1.3000, $1.1460
Support Levels: $0.8450, $0.7707, $0.6000

XRP/USD Daily Chart: Ranging

XRP/USD Daily Chart 

XRP price is trading lower, having risen to highs of $1.07 intraday on Tuesday. The declines pushed the price action to lows of $0.87 before slightly recovering to where it trades presently. The RSI remains below the mid 50 reading which suggests a mild advantage to the bears. Further declines could potentially see in a retest of the $0.81 and $0.75 support levels.

A close below the $0.75 level will open the way for a correction toward the $0.66 level at the MA 200. On the upside, the XRP price will need to break out above today’s high of $1.07 to continue higher. The next key target will be the daily MA 50 at $1.35, a break that will flip the outlook back to neutral. Further bullish moves may target the $1.81 high ahead of the yearly peak of $1.98.

XRP/USD 4-Hour Chart: Ranging

XRP/USD 4-Hour Chart

XRP/USD had a downside correction from around $1.70 high on May 18. The pair traded to lows of $0.64 on May 23 before resuming the positive climb, although price action remains beneath the MA 50 and 200. The RSI having posted an earlier lower high, remains below its 50 neutral marks. On the upside, a decisive step above $1.07 is required to push XRP price towards the 4-hour MA 50 around $1.12.

If the bulls surpass the $1.12 (MA 50) barrier, the way higher could be a rocky one as a cluster of barriers from the MA 200 ($1.34) until the $1.98 yearly high could interrupt a climb. On the downside, there are a few key supports forming. Immediate support remains near the $0.86 level while additional support is envisaged at $0.81, $0.70, and the $0.64 levels. Overall, an extension above $1.12 (MA 50) could generate additional gains, turning the outlook back to neutral and then bullish.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock