TL; DR Breakdown
- Ripple price is expected to observe sideways movement at current price level
- The closest support level lies at $1.00
- XRP faces resistance at the $1.10 and further above at the $1.20 mark
Ripple price action has failed to break above the $1.50 mark. For the past few days, it has seen a steady decline and fallen back to just above the $1.00 mark. While the price currently holds above the $1.00mark, the bearish pressure is very strong, and the price may fall further if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Ripple’s XRP, and BNB that record a 7.74 and a 5.79 percent decrease, respectively. At the same time, few cryptocurrencies such as XMR, Solana, and USDC recorded bullish momentum.
Technical indicators for XRP/USDT
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly. While the 26-EMA still trades above the 12-EMA, the difference between the two is negligible, and they may show a reversal at any time.
The RSI is currently trading in the neutral zone a little above the 36.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past week. At press time, the RSI has again had a small spike towards the overbought region, suggesting bullish momentum.
The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks. The bands’ expansion suggests an increase in volatility for the Ripple price. Meanwhile, as the price is consolidating below the bands’ mean line, the price may show a bearish reversal at any time.
Overall the 4-hour technical analysis issues a sell signal with 13 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only three indicators issue a buy signal suggesting bullish momentum. Meanwhile, ten indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis does not share this sentiment and issues no signal, with 9 of the 26 indicators sitting on the fence. Meanwhile, nine indicators issue a buy signal suggesting a bullish momentum against, eight indicators which issue a sell signal suggesting bearish movement at the time of writing.
What to expect from Ripple price?
Traders should expect the Ripple price to continue consolidating above the $1.00 mark as the price action struggles to gather bullish momentum. The low trade volume and the mixed technical analyses further highlight the lack of momentum towards either side as speculation runs high in the XRP market. As such, the Ripple price can be expected to continue consolidating at the $1.00 price level for the next few days.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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