Ripple price analysis: XRP ready to retest $1.20 despite bearish pressure
3 min readTL;DR Breakdown
- Ripple price is expected to rise to $1.2
- The closest support level is at $1.01
- Ripple price is facing resistance at the $1.2
After finally climbing past the $1.30 mark, Ripple price failed to continue its bullish rally and the price has dropped to just below $1.14.While the price at press time holds just below $1.14, the bearish pressure is very strong and the price may fall further in the immediate future 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 time frame. The major players that recorded a loss include ADA, and BNB that record a 1.46 and a 3.11 percent decrease respectively. Meanwhile BTC and ETH record a 1.12 and a 2.65percent decrease
Technical indicators for XRP/USDT
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the price has started to climb back above the 0.01 mark. While the 12-EMA still trades well below the 26-EMA, the difference between the two is starting to decrease and they may show a reversal sometime soon.
The RSI is currently trading in the neutral zone a little above the 45.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 2 days. At press time the RSI has again had a small spike towards the overbought region suggesting an increasing bullish presence at the current price level.
The Bollinger bands at press time are wide and as the last few candlesticks are green the bands will expand further in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Ripple price to increase in the short term. However, as the price is consolidating closer to the lower limit rather than the band’s mean line, the bands will be leaning downwards 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 eight indicators issue sell signals suggesting a bearish retracement. Meanwhile, seven 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 one indicator suggests a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing
What to expect from Ripple price?
Ripple price at press time is facing resistance at $1.2 mark but the the short term technical indicators support the bulls , while the midterm technical indicators also give a heavy bullish indicator and show high potential for a sharp upward movement.As such traders should expect the price to break above the $1.2 mark resistance level soon . Traders can even expect an upward breakthrough where the Ripple price might be able to challenge the $1.3 mark again if the current momentum continues.Moreover, if the bears take hold of the market the price will not go lower than the $1.00 mark.
