TL; DR Breakdown
- The 100-day MA crossed over the 200-day Moving Average, signalling a strong bullish signal.
- The entire cryptocurrency heat map is bleeding as sellers dominate the market.
- The price seems to be dipping further on the hour-hour price analysis chart, with most technicals suggesting the negative market trend.
Ripple price analysis: General price overview
Ripple/USD was in a bearish trend, trading negatively toward the end of last night’s price analysis chart. On the other hand, Bulls reversed this bearish movement as soon as the daily price analysis chart began. The price moved up before reaching resistance at $1.3 in a cup and handle pattern.
The bulls gained power against the bears, which prompted a price rise to head and shoulder formation, followed by a solid push for intraday highs at $1.39, where they encountered fierce resistance from the enraged bears.
Ripple has been trading in positive momentum, with the Bollinger bands widening in most trading sessions, suggesting that the coin has increased volatility due to many activities taking place in the market.
The 100-day moving average crossed over the 200-day moving average, indicating a strong bullish signal. A minor resistance was formed by the Moving Average indicators, which crossed at $1.2.
The entire cryptocurrency heat map is gushing as sellers take control of the market, pushing digital currencies’ prices into a firm bear market. The largest digital asset is trading at around $50K and has a dominance of 43.3 percent in the market. After falling 1.29 percent over the previous day, XRP/USD is presently trading at $1.3, a difference of roughly 4%. The ETH/USD pair is valued at $3.7, representing a nearly 5% variation from yesterday’s price. The XRP/USD pair has declined 1.29 percent today to trade at $1.3.
Ripple price movement in the last 24 hours: Bull dominance
In the 24-hours Ripple price analysis chart, the Bollinger bands are narrow, suggesting that Ripple has been trading in a more volatile market. The majority of technical indicators suggest that there will be a bull run over the next few hours.
The price trades above the Exponential Moving Average line, implying that there is a slight bullish movement.
XRP/USD four-hour price analysis chart: Ripple price dips
The BoP indicator is on the negative trend, meaning that the market is bearish, and it is not likely to be curbed by a few buyers in the market.
The four-hour price analysis chart displays that the XRP/USD pair has been in a head and shoulder pattern for the past few hours. On the four-hour price analysis chart, red candlesticks appear to be more numerous than green sticks; this indicates that sellers are plentiful compared to buyers.
Ripple price analysis: Conclusion
The price is currently sliding down on the hour-hour timeframe, according to the price analysis chart. The market trend appears to worsen, with most technical indicators suggesting that things are not going well. The downward momentum in the market is expected to continue throughout the day. The XRP/USD decline offers an opportunity for investors to buy the cryptocurrency at a lower price, with the currency set to begin an upward swing if the bulls return.
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