TL; DR Breakdown
- The market choppiness index is close to zero, indicating that the market is less volatile.
- The cryptocurrency heat map shows that the market is trading moderately.
- The RSI is in the neutral zone, with possibilities of going towards the overbought region.
Ripple price analysis: General price overview
Toward the closure of yesterday’s Ripple price analysis chart, the XRP/USD gained bullish momentum sending the prices upward in a rising wedge, forming a bullish flag pattern. Things were different when the daily price analysis chart was sent in. The bears stormed into the market, causing the prices to drop as the sellers outnumber the buyers. An hour later, the bulls regained momentum and crated support that cut short the stiff bearish trend. However, the bulls did not withstand the bearish pressure for long before sellers came into the market, battled the bulls, and became the winner; as a result, the bears broke the bullish support and sent the price downsides to the lowest price of the day at $1.07.
Ripple shows bullish signals on our daily Ripple price analysis as the market retraced to the upper Bollinger Band and retested the $1.07 support following a bearish early morning. Therefore, we are optimistic for XRP/USD to rally higher over the next 24 hours and spike above the daily resistance at $1.99 resistance.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency heat map shows that the market is trading moderately, with the red bars equal to the green bars on the heat map. The largest digital currency, BTC, is trading in a slight bear trend recording a -0.46 price deviation. The second-largest digital asset Ethereum (ETH) traded in a vice verser of the most prominent asset; ETH has recorded a slight price surge. It is currently trading at $3.3 K. the BNB trades in bullish momentum, recording more than 1 percent price increment. Atom is the top gainer recording a 21 percent rice surge. Ripple is currently trading at $1.07 a -1 percent price deviation.
XRP/USD 4-hour chart: XRP starts to move higher again
The red signal line has crossed below the Moving average convergence divergence (MACD), indicating that the market is trading in a slight bearish momentum. In addition, the short red bars on the moving average convergence divergence indicator are more than the green ones; this is an indication of the bearish trend.
The market choppiness index is close to zero, indicating that the market is less volatile; hence, XRP/USD is not trading sideways.
Ripple Price analysis: Conclusion
The RSI is in the neutral zone, and it shows possibilities of going towards the overbought region. Bulls seem to have gone back to the drawing board to strategize an attack to make the prices move upward and surpass the intraday highs.
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