- Ripple price is expected to fall to $1.20
- The closest support level lies at $1.25
- XRP faces resistance at the $1.30 mark
The Ripple price was rejected at the $1.30 mark after stagnating at the $1.25 mark for the last three days. Since the rejection, XRP has moved downwards as the selling pressure increased. While the $1.25 mark provides a short-term support, the selling pressure has not yet subsided.
The broader cryptocurrency market observes a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive movements. Major players include Cardano and Binance Coin that record a 12.85 and a 10.77 percent incline, respectively.
Ripple price analysis: Bears struggle for dominance
Across the technical indicators, the MACD has exhibited two crossovers in the last two days. While the indicator has just turned bullish, the histogram shows declining bullish momentum as expressed in the light green bar. This shows a lack of buyer momentum and increasing selling pressure above the $1.25 level.
The EMAs are moving downwards with a very gentle slope showing bearish dominance in the market. However, the two EMAs remain converged showing low momentum at press time. Nonetheless, as the Ripple price falls towards the $1.230 mark.
The RSI is currently neutral and trades close to the 50.00 index level showing low momentum towards either side. However, the position leaves room for sharp movement in either direction and the traders can expect high volatility if the bears break below the $1.20 mark. However, the Ripple price action may start consolidating at the level.
XRP/USDT technical analysis: Little room for movement
The Bollinger Bands are currently narrow and show little room for Ripple price movement without a breakthrough. However, the indicator suggests a sharp increase in XRP once it breaks out from the $1.250 level.
Overall, the 4-hour technical analysis issues a buy signal showing bullish strength at the current price level. The analysis shows 14 of the 26 major technical indicators in support of an upwards movement for the Ripple price.
On the other hand, only two indicators issue a sell signal, suggesting a low bearish presence at the current level. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals supporting either side of the market.
The 24-hour technical analysis accentuates this sentiment, issuing a strong buy signal showing a positive outlook for the Ripple price action across the mid-term charts. The analysis shows 16 indicators suggesting further upwards movement for XRP against only two indicators suggesting a downward price movement. At the same time, eight indicators remain neutral at the time of writing.
What to expect from the Ripple price?
Traders should expect the Ripple price to fall to the $1.20 mark as the selling continues. However, the level provides strong support to the buyers, and it is uncertain whether the bears may break below the mark.
Nevertheless, the mid-term technicals show support for the bulls so the price action can be expected to bounce back from the level. As such, XRP can be expected to continue moving in the price range across the short-term charts.
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.