- Ripple price analysis shows some signs of recovery for today.
- XRP may not recover to the price level of $1.
- XRP may reclaim the support of $0.96.
The Ripple price analysis for today shows some bullish effort put in by the XRP bulls. The price breakout was upwards, and XRP/USD pair is floating at $0.94 at the time of writing. XRP may reclaim the broken support of $0.96, but a recovery above the price level of $1 does not seem possible in the present market scenario.
Currently, XRP/USD pair has fallen below the price channel, which formed after the flash-crash of 7th September, the XRP price saw some zig-zag price action during the past two weeks with bulls and bears taking the reins, but yesterday XRP price observed a steep plunge when it fell below $1. This is the largest dip after the flash crash, and the market may expect a further decline in the XRP asset value in the coming days.
The cryptocurrency market is bearish at present as overall, many of the crypto assets are reporting losses over the last 24 hours, along with the pioneering Bitcoin also at a loss of more than three percent, though on the gain today. Ethereum and most of the altcoins are also reporting losses despite price breaking upwards today, with the only exception being Solana among the top altcoins.
XRP/USD 1-day price chart: Bulls to reclaim support at $0.96
The 24-hour price chart for Ripple price analysis shows bulls are on the run towards reclaiming the previous support of $0.96. As the bearish pressure was so overwhelming from the last two days, that different support levels fell. Despite the price breaking upwards, the selling pressure is still there above $0.97.
The Bollinger bands started expanding from 19th September, indicating a highly volatile situation for XRP asset. The upper Bollinger band sits at $1.33, and the lower band is at the $0.89 mark, just below the price level, making an average at the $1.12 mark.
The moving average is present at $1.04 level, and the relative strength index (RSI) is hovering in the lower half of the neutral zone very much near the undersold at index 38. However, the RSI stands neutral on the daily charts.
Ripple price analysis: 4-hours chart shows a slight price increase as bulls regain momentum
The 4-chart for Ripple price analysis shows the appearance of green candlesticks on the hourly chart as XRP bulls push through. The price has seen some recovery but not to the extent of demise. The bad news is that RSI has gone further down on the hourly charts, suggesting a further dip in price may happen.
The volatility is on a high, and there seems no sign of it decreasing any soon as Bollinger band ends are constantly traveling ahead, with the upper band at $1.15 and the lower band at $0.88. As per Ripple price analysis, the price is trending above the lower Bollinger band due to the current bullish move.
As can be seen in the charts, the moving average is traveling down towards the price level and is present at $0.95; if it crosses down the price level, then that will be a bullish crossover. The RSI, on the other hand, is charting a death cross for XRP/USD pair as it has come further down to 32 indexes and further on a downward slope towards the undersold zone.
The technical indications for Ripple price analysis are mostly for the selling of assets. With 13 technical indicators giving sell signals and only five giving buy signals, whereas eight technical indications are neutral out of 26 total indicators.
The moving averages (MA) are also strongly supporting the selling option, with 12 MAs showing sell signals and only two showing buy signals, with one MA standing neutral. All the important moving averages, including MA10, 20, 30, and EMA10, 20, 30, are all giving sell signals.
The oscillators, on the other hand, are tilted towards buying side, with three oscillators showing buy signals and one oscillator showing sell signal, which is the most important one, the MACD. in comparison, many of the oscillators, including RSI, are neutral.
Ripple price analysis: Conclusion
The daily and hourly Ripple price analysis reveals that bulls are aiming to take the price higher, but overall technical indications and lower than usual RSI indexes are suggesting not so bright days ahead, and XRP might observe a price depreciation in the coming days. Though Ripple is a promising investment for the long term, the short-term scenario is tricky and requires cautious trading.
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