- Ripple price expected to make a bullish breakout to $2.00.
- XRP faces resistance at the $1.730 mark.
- The closest support level lies at $1.50 and further below at $1.250.
After climbing to the $1.70 mark, Ripple price has struggled to maintain its bullish momentum, and the price has consolidated in the $1.650 price level for the past few days. While XRP records an over 64 percent price hike across the last week, the bearish pressure has caused the price action to stagnate in recent days.
The broader cryptocurrency market enjoys a bullish sentiment across the last seven days, with most major cryptocurrencies recording profits across the timeframe. Major Players include ADA and BNB that record an 18.67 and a 15 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 3.95 and a 14.99 percent hike respectively.
Technical indicators for XRP/USDT
Across the technical indicators, the MACD shows strong bearish momentum, as observed in the red histogram. However, the bearish momentum has been decreasing in recent hours as the Ripple price action finds support at the $1.50 mark. While both EMAs continue to decline, the 26-EMA is catching up to the 12-EMA, suggesting a bullish presence at the current price level.
The RSI is currently trading in the neutral zone a little above the 52.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the last three days suggesting low volatility for the Ripple price. Currently, the indicator is moving downwards again as the price action was rejected at the $1.730 mark. At press time, the RSI does not issue any signals but suggests room for sharp price movement in either direction.
The Bollinger bands are currently narrow and show further convergence at the current price level as the price oscillates around the $1.650 mark. The indicator is currently showing low price volatility as either side of the market lacks momentum for a significant breakout.
Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only four indicators issue sell signals suggesting a bearish retracement. Meanwhile, eight 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 buy signal with 15 of the 26 indicators suggesting a bullish movement against only one indicator, which suggests a bearish retracement. Meanwhile, 10 indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Ripple price?
Traders should expect the Ripple price to make a bullish breakout as the buyers maintain the $1.50 support level. The support level can enable the buyers to initiate another bull rally raising the price beyond the $1.750 mark towards the $2.00 price level. The positive technical analyses and the rising trade volume further support this suggestion.
Conversely, if the selling pressure causes Ripple price to fall below the $1.50 mark, XRP will retrace to the $1.250 level before stabilizing.
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.