Ripple price analysis: XRP set to breakout towards $0.90 as current price provides buying opportunity

Ripple price analysis

TL;DR Breakdown

  • Ripple price analysis shows price was subjected to a 2 percent decline over the past 24 hours
  • XRP targets a $0.90 close over the weekend as current price provides buying opportunity
  • 24 hours market volatility rose with trading volume dropping 28 percent

Ripple price analysis is bearish today, but acts as catalyst for an expected upturn to take price up to $0.90. Price declined over 2 percent during the last 24 hours, with trading volume dropping 28 percent and market cap dropping 2 percent. However, with news of ongoing talks between the NATO, EU and the G7, the market sentiment is expected to uplift and help push cryptocurrency prices upwards. Furthermore, the current price level for XRP takes it into the buying zone near $0.80 support where buyers are expected to come into the market.

The larger cryptocurrency market showed mixed results, as Bitcoin raced above $44,500 with a 2 percent increment, while major Altcoins remained in bloodbath. Ethereum posed an exception as it consolidated above $3,000, whereas Cardano suffered a 5 percent decline to take price down to $1.1. Dogecoin dropped 4 percent to $0.131, Terra 2 percent to $91.02, while Solana and Polkadot declined 2 percent each to sit at $98.73 and $20.74, respectively.

Ripple price analysis: XRP set to breakout towards $0.90 as current price provides buying opportunity 1
Ripple price analysis: Cryptocurrency heat map. Source: Coin360

Ripple price analysis: Bearish divergence seen on daily chart to indicate downturn

On the 24-hour candlestick chart for Ripple price analysis, price can be seen forming a rectangular pattern with nominal decrements over the past 4 days. This has come about after price went up to $0.89 last week and met resistance at around $0.90. Over the current trend, resistance seems to be set at $0.87 which is also a pivotal level for XRP. Since November, Ripple has failed to completely progress over this zone multiple times and hence will be looking to test it once an ideal buying pattern begins. The current downtrend gives discounted entry point for potential buyers.

Ripple price analysis: XRP set to breakout towards $0.90 as current price provides buying opportunity 2
Ripple price analysis: 24-hour chart. Source: Trading View

The crucial 25-day exponential moving average (EMA) sits just below current price at $0.82, while the relative strength index (RSI) took a turn downwards yesterday, but still presents strong market valuation at 57.27. More importantly, the moving average convergence divergence (MACD) curve shows a bearish divergence being formed on the daily chart. The signal line currently sits above the neutral zone and buyers will be hoping for to keep that way. Conversely, a drop back down to the 55-day SMA at $0.76 would be an expected outcome.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

Related News

Hot Stories

Dogecoin price analysis: DOGE slowly retests $0.06, reaction higher overnight? 
Bitcoin, Binance Coin, Cosmos, and FTX Token Daily Price Analyses – 2 October Morning Prediction
ChainLink price analysis: LINK obtains significant bearish momentum in the last 24 hours
Ethereum price analysis: ETH breaks $1,300, ready to drop further?
Here's why crypto firms in Uzbekistan have to pay more

Follow Us

Industry News

Weekly crypto price analysis: BTC, ETH, XRP, BNB, ADA, and SOL
Solana restarted for the 8th time. What went wrong this time?
LUNC is finally deflationary
Is Africa winning in crypto adoption?
Spanish telco announces Web3 adoption