After Tether ‘s recent takeover of 3rd place in the rankings, XRP was able to regain its position in the top three digital assets. For the time being, the asset managed to remain above the resistance at $0.197. At press time, XRP was priced at $0.200 and had a market cap of $8.85 billion, maintaining a hair’s breadth distance had Tether’s market cap of $8.82 billion.
XRP 1-day chart
Although the asset was able to surpass Tether as a press time, its position remains in danger. The XRP 1-day chart also failed to show a strong bullish trend. The price of XRP broke its long-term ascending channel pattern on 10 May, which began to take shape immediately after the collapse on 13 March. A 17.6 percent decline in the 24-hour window took down the value from $0.216 to $0.178 in the charts. However, the asset was able to facilitate a strong position above $0.195, but since then it has not been able to move above $0.206.
According to the analysis, the range between $0.206 and $0.197 turns out to be a strong consolidation zone for XRP. VPVR also suggested that the control line (red line) stood at $0.194, registering a strong bottom.
At press time, XRP is close to breaching the resistance of $0.206, but overhead resistance of 100—Moving Average might make it a difficult affair.
XRP 12-hour chart
Now, on observing XRP’s 12-hour chart, it can be pictured that since the start of May, the movement of XRP has given rise to a falling wedge pattern. Usually followed by bullish implications, this particular pattern might give way to XRP’s next potential rally and assist the asset breach above immediate resistance at $0.206 and $0.211.
However, before embarking on its way up to $0.211, a substantive argument can be made that a re-visit at support $0.181 might personify in the charts. $0.181 has been strong support as observed in the above analysis, hence the particular range might as well be a strong bottom for the digital asset.
Although $0.206 is the current target, a more viable drop at $0.181 might surface by the 1st week of June before a possible surge up to to $0.211.