XRP To Reclaim $1.6 Or Drop Below $1.2 In May? Here's What Crypto Bettors Think

Cryptocurrency bettors are showing the strongest conviction for XRP (CRYPTO: XRP) reclaiming $1.60 this month.

Polymarket Traders Wager On XRP’s Price

Polygon (CRYPTO: POL)-based Polymarket assigns a 28% chance of XRP hitting at least $1.60 in May. The odds were at 41% at the start of the month.

XRP slipped below $1.60 in the first week of February and has yet to recover that level.

Meanwhile, the odds of XRP dropping below $1.20 were 20%, the second highest among outcomes.

What Does This Rejection Mean?

Ali Martinez, a well-known cryptocurrency analyst and trader, identified $1.45 as a key resistance level for XRP earlier this week, with a confirmed closing above it potentially leading to $1.80.

However, as it turned out, XRP was rejected at that level, resulting in a subsequent correction.

Will You Buy XRP?

The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price,  typically the 12-period and the 26-period, flashed a “Buy” signal for XRP, according to TradingView.

The Bull Bear Power indicator, which measures the strength of buyers and sellers, remained "Neutral," and so did the Relative Strength Index.

Price Action: At the time of writing, XRP was exchanging hands at $1.41, down 0.82% in the last 24 hours, according to data from Benzinga Pro.

Photo: Shutterstock