XRP Price Analysis for May 3

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Bears have returned to the game, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

XRP/USD

The rate of XRP has fallen by 2.36% since yesterday.

Image by TradingView

Despite today’s decline, XRP keeps looking bearish on the local time frame. Currently, traders should pay attention to the interim support level at $0.45. If buyers cannot seize the initiative by the end of the day, the closure near it may be a prerequsite for a sharp drop to the $0.4450 zone.

Image by TradingView

On the daily time frame, the price of XRP is about to close below the $0.46 mark. Thus, the selling volume has increased. In this regard, one can expect a further decrease to the support level at $0.44.

Image by TradingView

The rate of XRP is returning to the recently formed support level at $0.44. As buyers have failed to seize the initiative after a false breakout, traders may expect a more profound decline to the $0.40-$0.42 area.

XRP is trading at $0.4513 at press time.