- Ripple price is expected to move sideways at current level
- The closest support level lies at $1.60
- XRP faces resistance at the $1.650 mark
Ripple price has broken above the $1.20 mark, and strong bullish momentum has carried the price to challenge the $1.60 mark. XRP records an over 30 percent price hike across the last seven days showing strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement.
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 DOGE and BNB that record a 50.92 and a 21.21 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 15.06 and a 26.43 percent hike.
Technical indicators for XRP/USDT
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 11 pm yesterday, and since then, the bearish pressure is increasing steadily. Across the EMAs, the 26-EMA is trading above the 12-EMA and continues diverging while both EMAs fall.
The RSI is currently trading in the neutral zone a little below the 60.00 mark and does not issue a signal. The indicator has been trading in the neutral zone since yesterday, and since that time, the indicator has seen a continuous drop towards the oversold region. However, at press time, the RSI has had a small spike towards the overbought region suggesting the buyers are fighting back.
The Bollinger bands are currently wide and will expand further in the immediate future as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the Ripple price in the short term. Meanwhile, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 12 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only five 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 nine indicators suggest a bearish retracement. Meanwhile, two indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Ripple price?
After climbing to the $1.60 mark on April 30, Ripple price has clung to the mark with little movement above or below the level. The short-term indicators are bearish, while the mid-term technical analyses show bullish sentiments. As such, traders can expect the Ripple price to move sideways at the level before XRP breaks above towards the $2.00 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.