Ripple price analysis: XRP ready to challenge the $0.60 mark

TL;DR Breakdown

  • Ripple price is expected to rise to $0.60
  • The closest support level lies at $0.57
  • Ripple price is facing resistance at the $0.59

Ripple price action has failed to break above the $0.80 mark this week and Ripple price has fallen back to the $0.58 mark. While the price currently holds just above the $0.55 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 time frame. The major players that recorded a loss include Cardano, and BNB that record a 3.2 and a 1.43 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a 0.34 and a 1.06 percent decrease.

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 2 days ago, since then it has remained bearish and is currently just above the -0.01 mark. Across the EMAs, the 26-EMAis trading above the 12-EMA and continues diverging with a smooth slope while both EMAs fall.

The RSI is currently trading in the neutral zone a little above the 36.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 25 days. At press time the RSI has again had a small spike towards the overbought region suggesting the buyers are currently fighting back.

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. Moreover,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 sell signal with 14 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only three indicators issue buy signals suggesting bullish momentum. 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 15 of the 26 indicators suggesting a bearish movement against only four indicators suggest a bullish momentum. Meanwhile, seven indicators remain neutral and do not issue any signals at the time of writing

What to expect from Ripple price?

Traders can expect Ripple price to continue to rise to $0.60 or further above considering the declining bearish sentiment of today’s market and the high price volatility of Ripple price.However after it reaches that level the bears will take charge of the market which will take it to its support level of $0.57 again as the short term and midterm indicators are giving a heavy bearish trend.

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