The price of the Ripple token (XRP) has stabilized after the weakening observed in the crypto market in the first half of May 2022. Long-term presence in the consolidation zone, according to cryptanalysts, indicates the likelihood of a bullish advantage.
Having reached the minimum value, the price of the digital asset dropped to the level of $0.336, followed by a 38% correction of the rate to the level of $0.466. The second half of the month was marked by a neutralizing movement in the corridor of values from $0.383 to $0.439.
The price chart bounced off the lower limit of this range three times, followed by an increase in value by 8-10%. Analysts shared their opinion, according to which the observed trading picture should be considered as a readiness for an overweight towards the bullish development of the market situation.
As of June 4, 2022, trading operations with the Ripple token are at $0.389, which is the lower critical level. Breaking this mark will lead to an increase in the advantage of sellers and a subsequent decrease to $0.330.
The most optimistic scenario included a price reversal and rise to the upper barrier at $0.439, as well as the possibility of breaking it to reach $0.486. This development will provide an opportunity for traders to lock in a profit of 30%.