Ripple price analysis: Ripple price ready to challenge the $0.90 mark despite bearish pressure
With the XRP price trading at $0.90, a new low after dumping nearly 10 percent, the cryptocurrency looks to be bottoming out. At the time of writing, the XRP price is stuck below the $0.95 support level, with an increased volume to back up the current price. However, the bulls have their work cut out for them, because the XRP price is still 60 percent below the January high of $3.95.
The Ripple price has been on the rise recently. However, there is still a long way to go before it reaches the $0.90 mark.
After a more than 5-week-long sell-off, the Ripple price finally found a bottom at the $0.70 level overnight. In the days that followed, bulls who were forced out of the market by the bearish pressure started re-entering the market and pushed the Ripple price above the $0.90 level. The bullish pressure has continued to escalate since then, with a break above $0.95 being the latest trigger point.
Summary of the situation
The price of Ripple is expected to rise to $0.90.
The closest support is at $0.83.
The price of Ripple is facing resistance at $0.87.
Ripple’s price movement failed to break through the $1.00 level, and the price fell back to the $0.85 level. Although the price currently remains above the $0.83 support level, the downward pressure is very strong and the price could fall further if the sell-off continues.
The broad crypto-currency market has fallen over the past 24 hours, with most major crypto-currencies posting losses during the time frame. The main currencies that suffered losses were Cardano and BNB, which fell by 1.94% and 0.83% respectively. At the same time, Bitcoin and Ethereum fell by 1.77% and 3.08% respectively.
Technical indicators for XRP/USDT
Trading view XRP/USDT technical indicator
As for the technical indicators, the MACD shows bearish momentum. Although the histogram is still red at the time of writing, the size of the histogram has decreased significantly now that the price has started to rise above the 0.004 level. Although the 26-EMA is still above the 12-EMA, the difference between the two is small and they could show a reversal at any time.
The RSI is currently in a neutral zone just above the 48.00 mark and is not giving any signals. The indicator has been in the neutral zone for the past 9 days. Currently, the RSI has made a jump into overbought territory, indicating that buyers are offering resistance.
The Bollinger Bands are currently tight, but since the last candle is green, the bands will widen in the near future. With the bulls taking over the market dynamics, this will lead to increased volatility in the price of Ripple in the short term. In addition, if price consolidates below the centerline of the band, the bands will be tilted downward in the following candles.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 14 of the 26 major technical indicators pointing to a downward move. On the other hand, only three indicators are giving buy signals, indicating bullish momentum. Meanwhile, nine indicators continue to lag, supporting neither side of the market.
The 24-hour technical analysis shares this opinion and also gives a sell signal: 11 of the 26 indicators point to a bearish movement, and only five indicators point to bullish momentum. Meanwhile, ten indicators remain neutral and give no signal at the time of writing.
What can we expect from the Ripple exchange rate?
Price chart over 4 hours of trading visibility
Traders can expect the price of Ripple to break through the $0.90 mark. After that, however, the price of Ripple could fall to $0.85 or even lower, as the market is in a downtrend and short- and medium-term indicators point to a downtrend.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Despite the highly influential crypto market, Ripple price has dropped lower against the USD. On the upside, the coin has some strong support on the downside. Technical indicators remain bearish and pullbacks are likely to happen in the near term.. Read more about btc usd perpetual and let us know what you think.