The Ripple price analysis shows that despite rising to the $1.140 mark over the last 48-hours, XRP was unable to breakthrough the consolidation channel. The rejection has caused the price to spiral downwards falling back towards the $1.00 support level
The broader cryptocurrency market has observed a mixed sentiment over the last 24-hours as major cryptocurrencies are split between bullish and bearish price movements. Major players include AVAX and ATOM recording a 15.13 and a 3.19 percent incline respectively. Meanwhile Hedera Hashgraph and NEAR Protocol record an 11.18 and a 7.52 percent decline respectively.
Across the technical indicators, the MACD is bullish, as expressed by the green histogram. The indicator exhibited a crossover on September 11 and has been bullish since. While the momentum increased in the first 24 hours after the crossover, the resistance at the $1.140 mark caused the price action to stagnate, and the momentum dwindled. Since then, the bullish momentum has remained very low with a steady decline observed in recent hours.
The 26-EMA is moving upwards at press time suggesting bullish momentum. However, the 12-EMA moves downwards suggesting an increasing selling pressure in recent hours that could result in a bearish crossover.
The RSI is currently neutral and trades close to the indicator’s mean line at the 49.17 index level. The indicator’s current position leaves room for sharp price movement in either direction across the short-term charts. However, the indicator is currently moving horizontally, suggesting that both sides are currently struggling to gain dominance over the price action.
The Bollinger Bands are narrow and have experienced a drastic change a few days ago as the bands converged sharply on September 9 when XRP stabilized around the $1.10 mark. Since then, the indicator has remained narrow as the price oscillated around the bands’ mean line. The past 48 hours have seen XRP rise from $1.04 to the current $1.14 mark only to be rejected at the level causing further consolidation.
Overall, the 4-hour Ripple price analysis issues a sell signal, with 11 of the 26 major technical indicators suggesting a downwards movement across the timeframe. On the other hand only six indicators are issuing a sell signal suggesting low bullish presence at the current price level. At the same time, nine of the indicators remain neutral and do not issue any signals at the time of writing.
The 24-hour Ripple price analysis does not share this sentiment but instead shows a neutral market disposition with 18 indicators split equally between the bulls and the bears. This highlights the uncertainty in the markets as speculation continues to remain high. Meanwhile, the remaining eight indicators sit on the fence further increasing the confusion.
The Ripple price analysis suggests downwards movement to the $1.00 support with further downwards movement unlikely as market momentum remains low. The mid-term technical analyses also show uncertainty in the markets further increasing the confusion faced by the traders as trade volume continues towards dwindle with all eyes turning to Bitcoin’s next move.
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.
This post was last modified on September 16, 2021 9:45 pm
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