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Ripple price analysis: Ripple price not ready to challenge the $0.90 mark

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TL;DR Breakdown

  • Ripple price is expected to fall to $0.860
  • The closest support level is at $0.860
  • Ripple price is facing resistance at the $0.90 mark

After finally climbing past the $1.05 mark on June 1st, Ripple price failed to continue its bullish rally and the price has seen a steady decline and at press time is just below $0.87.While the price at press time holds just below $0.87, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the timeframe. Major players include Dogecoin, and BNB that record a 3.77 and a 5.91 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 9.32 and a 5.18 percent hike.

Technical indicators for XRP/USDT

Ripple price analysis: Ripple price not ready to challenge the $0.90 mark 1
Technical indicators for XRP/USDT by Trading view

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has just started to decrease as the price is now struggling to climb back up to the 0.01 mark. Across the EMAs, the 12-EMA still trades above the 26-EMA, the difference between the two is still significant and they may not show a reversal for some time.

The RSI is currently trading in the neutral zone a little below the 52.00 mark but does not issue a signal. While the RSI trades above the mean line showing a bullish presence, in recent hours it has observed a downwards movement suggesting an increased selling pressure.

The Bollinger bands at press time are narrow and as the last few candlesticks are red the bands will converge further in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Ripple price to decrease in the short term. Moreover, as the price is consolidating closer to the upper limit rather than the band’s mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a weak sell signal with 9 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only eight indicators issue buy signals suggesting bullish momentum. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a sell signal with 11 of the 26 indicators suggesting a bearish movement against only five indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing

What to expect from Ripple price?

Ripple price analysis: Ripple price not ready to challenge the $0.90 mark 2
4 hour price chart by Trading view

Traders can expect Ripple price to continue to fall to $0.860 or further below considering the, the low price volatility of Ripple price and the fact that the short term and long term indicators are issuing a bearish trend.However traders can expect a bullish rally as soon as Ripple price hits its support level.

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.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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