Ripple price forecast for May 13

  • Ripple price forecast shows how XRP and other popular virtual assets have depreciated in the last 24-hours.
  • In the last 48-hours, Ripple has depreciated by about 20% from a high of $1.5 to $1.3.
  • Currently, the number one cryptocurrency, Bitcoin, is experiencing a massive bearish leg that threatens to push it towards the $48,000 price region.

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Over the past 24-hours, Ripple's price has taken a 22% beating to hit a low of about $1.28. Despite this negative development, it appears there is a section of buyers and investors who are taking advantage of the ongoing bearish leg to accumulate more tokens at a reduced price. Thanks to the surge in buying orders, Ripple was able to keep its dwindling prices at bay, settling it around the lower supply zone's boundary around $1.28 to $1.4.

The supply zone's lower boundary appears to be emerging as a critical resistance barrier. Failure to bypass this region would trigger further downward price activity towards the succeeding demand barrier that ranges from $0.94 to $1.2. Even though Ripple price has been registering lower lows and highs since early this month, bulls have an opportunity to jump-start a bullish trend from the current price region. Investors should expect Ripple prices to surge towards $1.5, $1.6, and even around the $1.75 region in such an event.

According to Ripple's 4-hour chart, if the crypto coin breaks down past the $0.95 region, it will likely trigger massive overhead and selling pressure. This is likely to open the door for further price plummeting that might see Ripple dip by about 6% to settle around the $0.89 region. This will be similar to Ripple's swing low experienced during the April 22 market crash. On looking at Ripple's MACD technical indicator, it is clear the crypto coin is in for a bearish leg as the blue line is facing downwards below the signal line.

The material has been provided by InstaForex Company - www.instaforex.com

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