Ripple price analysis:Ripple price not ready to challenge the $0.87 mark

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TL;DR Breakdown

  • Ripple price is expected to fall to $0.85
  • The closest support level is at $0.83
  • Ripple price is facing resistance at the $0.87 mark

After finally climbing past the $1.00 mark, Ripple price failed to continue its bullish rally and the price has seen a steady decline to just below $0.87.While the price at press time holds just below $0.87, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the time frame. Main currencies which had a loss include Ethereum, and BNB that record a 2.11 and a 2.14 percent decrease respectively. Meanwhile some currencies like Bitcoin and WBTC record a 0.82 and a 0.96 percent increase respectively

Technical indicators for XRP/USDT

Ripple price analysis:Ripple price not ready to challenge the $0.87 mark 1
Technical indicators for XRP/USDT by Trading view

Across the technical indicators, the MACD shows strong bearish momentum as observed in the increasing size of the dark red histogram. The indicator saw a bearish reversal at 12 am today and since then bearish pressure is increasing steadily. Across the EMAs, the 26-EMAis trading above the 12-EMA and continues diverging while both EMAs fall

.The RSI is currently trading in the neutral zone a little above the 48.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 8 days. At press time the RSI has again had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level.

The Bollinger bands are currently narrow and will converge rapidly in the immediate future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Ripple price in the short term. However, as the price is consolidating below the bands’ mean line, the bands will be leaning downwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 13 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only four indicators issue buy signals suggesting bullish momentum. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a sell signal with 13 of the 26 indicators suggesting a bearish movement against only three indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing

What to expect from Ripple price?

Ripple price analysis:Ripple price not ready to challenge the $0.87 mark 2
4 hour price chart by Trading view

Traders can expect Ripple price to continue to fall to $0.85 or further below considering the bearish sentiment of today’s market, the low price volatility of Ripple price and the fact that the short term and long term indicators are issuing a bearish trend.However traders can expect a bullish rally to challenge the $0.90 as soon as Ripple price hits its support level.

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.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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