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Ripple price analysis: XRP struggling to stay above $1.05

Ripple price analysis XRP struggling to stay above

TL;DR Breakdown

  • Ripple price analysis reveals a hard struggle to stay above $1.05.
  • Strong support is currently found at the $1.05 mark.
  • Strong resistance is currently found at the $1.10 mark.

Ripple price analysis reveals that the altcoin is struggling to stay afloat above the $1.05 mark. In the past 24-hours alone, the coin has seen quite a few dips but managed to stay above the $1.05 psychological barrier. Ripple is also following the market precedent set by the king Bitcoin and the queen Ethereum. At the time of writing, Ripple’s price stands at the $1.07 mark.

Ripple price analysis 1-day candlestick reveals increased volatility

The one-day candlesticks Ripple price analysis reveals that the volatility is increasing compared to the past week, and the situation is no different today. The upper Bollinger band is found at the $1.40 mark whereas, the lower Bollinger band is found at the $0.80 mark. Both the nine-day moving average (SMA 9) and the Bollinger bands’ average are currently serving as strong resistance points.

Ripple price analysis: XRP struggling to stay above $1.05 1
XRP/USD 1-day candlestick price chart. Source: Trading View

The nine-day moving average is found at the $1.18 mark, whereas the Bollinger bands’ average is found at the $1.10 mark. The relative strength index (RSI), on the other hand, is resting easy at the 52.45 score giving off a neutral sign and room for buyers to turn the bearish table in favor of bulls.

XRP/USD price 4-hour candlestick chart confirms the bearish struggle

Bitcoin took the market into a bearish trend yesterday, and Ripple price analysis shows the effect on the XRP/USD charts as well. The four-hour candlesticks XRP/USD chart is a representation of the same bearish trend, literally painted in red all over the chart. The volatility has increased on the four-hour candlesticks chart as well. The upper Bollinger band is found at $1.26 marking the strongest resistance point for the altcoin, whereas the lower Bollinger band is found at $1.04, marking the strongest support. The nine-day moving average (SMA 9) stands at the $1.11 marking strong resistance point for the altcoin, whereas the Bollinger bands’ average is also presenting another strong resistance point at the $1.15 mark.

Ripple price analysis: XRP struggling to stay above $1.05 2
XRP/USD 4-hour candlestick price chart. Source: Trading View

The upper Bollinger band is found at $1.26, marking the strongest resistance point for the altcoin, whereas the lower Bollinger band is found at $1.04, marking the strongest support. The nine-day moving average (SMA 9) stands at $1.11, marking a strong resistance point for the altcoin, whereas the Bollinger bands’ average is also presenting another strong resistance point at the $1.15 mark. The RSI score, however, presents a better opportunity than on the daily chart. The RSI score is standing at the $32.08 score leaning towards the oversold side. There is ample opportunity for traders here to change the trend direction into a bullish movement controlling the buying trend.

Ripple price analysis conclusion: weak XRP seeks refuge above the $1.07 mark

Although the Ripple price analysis reveals weak spots and continuous struggle against bears, it appears that XRP has found strong support at the $1.05 mark. The current levels are keeping the currency above the $1 psychological barrier. If the current support levels persist, the altcoin is likely to retest the $1.1 range in the near future. If the current support levels fail, the altcoin is likely to dip down to the $0.8 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. 

Andrew

Andrew

Andrew is a journalist and cryptocurrency enthusiast who writes for the love of blockchain and cryptocurrency. He possesses vast knowledge of cryptocurrency, blockchain and other fintech and tech-related areas he has been covering for a long time.

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