Home Ripple EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 31/05/20 – FX Empire

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 31/05/20 – FX Empire

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For the day ahead

Ethereum would need to avoid sub-$236.50 levels to bring the first major resistance level at $254.69 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Saturday’s high $247.36.

Barring another broad-based crypto rally, resistance at $250 would likely leave Ethereum short of the first major resistance level.

Failure to avoid sub-$236.50 levels could see Ethereum hit reverse.

A fall through the morning low $241.75 to sub-$236.50 would bring the first major support level at $225.66 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear sub-$230 levels on the day.

Looking at the Technical Indicators

Major Support Level: $225.66

Major Resistance Level: $254.69

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 4.83% on Saturday. Reversing a 1.57% fall from Friday, Ripple’s XRP ended the day at $0.20709.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.19613 before breaking out.

Steering clear of the first major support level at $0.1949, Ripple’s XRP rallied to a late morning high $0.20659.

Ripple’s XRP broke through the first major resistance level at $0.2019 and the second major resistance level at $0.2062.

An early afternoon pullback saw Ripple’s XRP fall back to $0.2017 levels before bouncing back.

Finding support at the first major resistance level at $0.2019, Ripple’s XRP rallied to a late intraday high $0.20790.

Ripple’s XRP broke through the second major resistance level at $0.2062 to wrap up the day at $0.2070 levels.

At the time of writing, Ripple’s XRP was down by 0.06% to $0.20697. A mixed start to the day saw Ripple’s XRP fall from an early morning high $0.20727 to a  low $0.20587.

Ripple’s XRP left the major support and resistance levels untested early on.

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