- Ripple price expected to retest $1.50 but a breakout is unlikely.
- XRP faces strong bearish presence above $1.40.
- The closest support level lies at $1.20.
After finally climbing past the $1.90 mark, Ripple price failed to continue its bullish rally, and the price has dropped to just above $1.40.While the price at press time holds just below $1.40, at press time, the bullish pressure is strong, and the price may slightly increase in the immediate future if buying continues.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major player includes DOT and BNB that record a 8.27 and a 27.47 percent increase respectively. Meanwhile, Bitcoin and Ethereum record a 3.5 and a 12.23 percent hike.
Technical indicators for XRP/USDT
Across the technical indicators, the MACD exhibited a bullish reversal yesterday and has remained bullish since, according to the rising dark green histogram. Currently, while both EMAs move upwards, the 12-EMA is separating from the 26-EMA showing an increasing bullish momentum at the time of writing.
The RSI is currently trading in the neutral zone a little below the 52.00 mark but does not issue a signal. It has been in the neutral zone for the past week. In recent hours, it has observed an upwards movement for the indicator towards the overbought region suggesting the buyers are fighting back.
The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks. The bands’ expansion suggests an increase in volatility for the Ripple price, which is currently just above $1.40.Meanwhile, as the price is above the band’s mean line, hence it will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 11 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only six indicators issue sell signals suggesting a bearish retracement. 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 buy signal with 15 of the 26 indicators suggesting a bullish movement against only two indicators which suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Ripple price?
While the Ripple price holds above the support level at $1.200, the $1.50 resistance does not allow the price action to climb above. XRP is still under the bearish influence, making it difficult for the bulls to generate momentum.
Traders should expect the Ripple price to rise to $1.50, with a breakout unlikely as the bulls lack momentum. However, as the mid-term technical analyses show strong support for the bulls suggesting downwards movement unlikely. As such, Ripple price can be expected to spend the next few days oscillating around the $1.400 mark.
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.