TL; DR Breakdown
- Ripple saw a bullish momentum towards the end of yesterday’s price analysis chart.
- The circulating supply of Ripple is at $46 billion.
- In the early trading hours on the Ripple price analysis chart, XRP/USD pair traded in a moderate momentum.
Ripple price analysis: General price overview
In the early trading hours on the Ripple price analysis chart, XRP/USD pair traded in a moderate momentum. Five minutes later, the sellers took advantage of the sleeping bulls and came in large numbers, setting the coin price to drop sharply. However, the bearish trend did not take long before the bulls caused resistance at the intraday low. The bull dominance made Ripple trade-in head and shoulder patterns.
Bears could let the bulls control the market at their watch, and so they came into the market, causing a sharp price decline to lows of $1.22. The XRP/USD pair has been trading between $1.22 and $1.24, a tight range suggesting that the Ripple market has low volatility.
The green candlesticks seem to have outnumbered the red candlesticks signaling that the bulls have control of most parts of Ripple’s 24-hours price analysis chart.
The most famous cryptocurrency, Bitcoin, has been trading positively since early this morning; it appears to be heading for $50,000 before the weekend. Bitcoin is currently valued at $49K, more than 4 percent above yesterday’s price. ETH appears to be on track for $4K; Ether is presently valued at $3.7.
Other altcoins trade in the same bull trend. The meme coin trades at $0.3, a 10 percent increase, Cardano (ADA) trades at $2.8 with a more than 3 percent increase. The XRP/USD pair also trades in a bullish pressure, recording 3 percent gains setting its price slightly below the intraday’s high.
Ripple price movement on the four-hour price analysis chart: XRP/USD surpasses the early hours intraday
After a sharp fall, the bears dominated the Ripple market, which drove the price lower, formed a cup, and handled a trend to an intraday low of $1.22. The XRP/USD pair has been trading between $1.22 and $1.24 on the 4-hour Ripple price analysis chart.
The choppiness Index suggests that the market is neutral; it does not have directional or sideways movement.
The MACD line has crossed over the red line during the four-hour trading session; this suggests that the market is expected to be bullish in the coming trading sessions.
Ripple Price Analysis: Conclusion
The majority of the Technical indicators suggest that the bull pressure is extreme, and it might extend into this weekend as the coin attempts to break its all-time high. This is when a trader waiting for permission to trade would be best off starting trading since the XRP/USD bull run isn’t easily turned back by bears.
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