- The price of Ripple is expected to move sideways at the current price level.
- The next support level is $1.00.
- XRP is facing resistance at $1.10 and upside at $1.20.
Ripple’s share price has failed to rise above the $1.50 level. It has fallen steadily in recent days, to just above the $1.00 level. Although the price currently remains above the $1.00 level, the downward pressure is very strong and the price could fall further if the sell-off continues.
The broader crypto-currency market has seen bearish sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. Among the major currencies that suffered losses were Ripple XRP and BNB, which fell by 7.74% and 5.79% respectively. At the same time, several cryptocurrencies such as XMR, Solana and USDC have seen bullish momentum.
Technical indicators for XRP/USDT
In all technical indicators, the MACD shows a decrease in bearish momentum. Although the histogram is still red at the time of writing, its size has decreased significantly. Although the 26-EMA is still above the 12-EMA, the difference between the two is negligible and they could show a reversal at any time.
The RSI is currently in the neutral zone just above the 36.00 mark and is not giving any signals. Last week the indicator was in the neutral zone. At press time, the RSI has risen slightly into overbought territory, indicating bullish momentum.
The Bollinger Bands are currently wide and will widen in the future based on dark green candlesticks. The widening of the band indicates an increase in the volatility of the Ripple price. Meanwhile, price is consolidating below the median band line and could start a bearish reversal at any time.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 13 of the 26 major technical indicators supporting a bearish move. On the other hand, only three indicators give a buy signal, indicating bullish momentum. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.
The continuous technical analysis does not share this sentiment and gives no signal, 9 of the 26 indicators are on hold. Meanwhile, nine indicators are giving a buy signal, indicating bullish momentum, while eight indicators are giving a sell signal, indicating bearish movement at the time of writing.
What can we expect from the Ripple exchange rate?
Traders should expect the price of Ripple to continue consolidating above the $1.00 level as price action attempts to gain bullish momentum. Low trading volume and mixed technical analysis underscore the lack of momentum on both sides, while there is a lot of speculation in the XRP market. So we can expect Ripple to consolidate further towards $1.00 in the coming days.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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