- Ripple price is expected to observe sideways movement as price finds strong support.
- The closest support level lies at $1.00 and further below at $0.830.
- XRP faces resistance at the $1.30 mark.
Ripple price action has failed to break above the $1.50 mark and has fallen back to below the $1.10 mark. While the price currently holds above the $1.00 mark, the bearish pressure is very strong, and the price may fall further 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 timeframe. Major Players who recorded a loss include BNB and DOT that record an 11.99 and a 12.36 percent decrease, respectively. Meanwhile, Bitcoin and Ethereum record an 8.88 and a 9.42 percent decrease, respectively
Technical indicators for XRP/USDT
Across the technical indicators, the MACD exhibits strong bearish momentum as observed in the dark red histogram. The indicator had a bearish reversal yesterday and has dropped to below the -0.0500 mark. Across the EMAs, 26-EMA is trading above the 12-EMA while both EMAs fall.
The RSI is currently trading in the neutral zone a little above the oversold region at the 30.00 mark but does not issue a signal. It has been in the neutral zone for the past week, and since yesterday, it has observed a downwards movement for the indicator towards the oversold region, suggesting high bearish momentum.
The Bollinger bands are currently wide but will converge in the immediate future due to the presence of continuous dark red candlesticks. The bands’ convergence suggests a decrease in volatility for the Ripple price, which is hovering just above the $1.047 mark. Meanwhile, as the price is consolidating well 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 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only two indicators issue a buy signal suggesting a bullish price action. 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 10 of the 26 indicators suggesting a bearish movement against only six indicators suggest a bullish price action. Meanwhile, 10 indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Ripple price?
Ripple price action is currently resting on a $1.00 support level. This is a key level for the buyers to defend, and as we have observed in the last 12 hours, the bearish pressure has declined significantly since the price has fallen to this level. While the Ripple price still faces selling pressure, further downwards movement is unlikely, and XRP should be expected to consolidate at the level for a while before moving upwards.
Conversely, if the buyers fail to defend the $1.00 support level, the next support lies at the $0.8300 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.