XRP/USD set to break above $0.54 overnight


www.cryptopolitan.com

3 h

Reading time: ~4 m


Ripple price analysis shows a bearish trend for the XRP market. The bulls are defending a key support area at $0.36, but the bears seem to be in control as the price consolidates below $0.40. For now, the price remains at a risk of further downside unless bulls can push it back above $0.40.

The price is currently trading at the support of this pattern, but bulls will need to push it back above $0.40 to invalidate the pattern. If they fail, the price will likely break down from the triangle and head towards the next support area at $0.30. The Relative Strength Index is currently below 50, which shows that bears are in control of the market. However, the RSI has formed a bullish divergence, suggesting that the bears are losing momentum.

XRP/USD 1-day price analysis: Bears likely to be exhausted

The overall market has been dominated by bears over the last 24 hours, according to Ripple price analysis. Over the past 24 hours, trading volume in XRP was $1.2 billion, which is greater than the 30-day average of $0.94 billion. The XRP market capitalization presently stands at $17.5 billion, which is the 4th largest in the cryptocurrency market. The XRP price has now fallen by 6% over the past 7 days of trading as it plummets from weekly highs of $0.57 to where it trades today at around $0.54.

The MACD shows that the bears are in control as the price remains below the $0.40 level. Overall, Ripple price analysis shows that the XRP market is currently in a bearish trend. The bulls need to push the price back above $0.40 to invalidate the descending triangle pattern and avoid the further downside. Ripple price analysis shows a bearish trend for the XRP market.

The bulls are defending a key support area at $0.36, but the bears seem to be in control as the price consolidates below $0.40. For now, the price remains at a risk of further downside unless bulls can push it back above $0.40.On the 4-hour chart, the XRP price has formed a descending triangle pattern. This is a bearish pattern that usually signals further downside. The price is currently trading at the support of this pattern, but bulls will need to push it back above $0.40 to invalidate the pattern.

Ripple price analysis: 24-hour chart. Source: Trading View

The XRP price is about to test the $0.460 support level for the first time since May 8th, 2018. The 50-day and 200-day moving averages are currently displaying a negative trend for XRP. The current market environment indicates that the bears are in command of the Ripple market but might run out of steam soon. The Chaikin Money Flow indicator shows that capital inflows into the Ripple market have dried up and are currently in the red.

XRP/USD 4-hour price analysis: Ripple prices consolidate below $0.36

The Rippe price prediction for the 4-hour chart indicates that XRP/USD bulls have been unable to push prices higher above the previous resistance level of $0.37. Since the start of the month, the bulls have been attempting to break out past $0.37, but they have thus far failed. The present market circumstances indicate that the bears are in control as the price consolidates below $0.36.

The bulls are losing ground as the price consolidates below $0.36, with recent market trends not in their favor. The current market circumstances indicate that a breakout above $0.37 is unlikely in the short term. If the bulls push the price above $0.37, they will target the next resistance level at $0.40. The 4-hour chart for XRP/USD shows that the bulls have been unable to push prices higher above the previous resistance level of $0.37.

Ripple price analysis: 4-hour chart. Source: Trading View

The majority of the technical indicators are pointing to a bearish trend for XRP. The RSI is presently at 36, which indicates that the bears have taken control of market momentum. The MACD, on the other hand, has advanced into the bullish territory and is rising, suggesting that the bulls may reclaim market control soon.

The 50-day moving average is currently at $0.35, and the 200-day moving average is at $0.32. Soon, a breakout to the upside appears unlikely under current market conditions.

Ripple price analysis conclusion

The price of Ripple appears to be controlled by the bears now. On the other hand, the bulls are still confident that a breakout is imminent. The next resistance level is $0.37; if the bulls can push prices above this point, the XRP price is likely to rise further. If the bears are successful in the Ripple market shall be buying opportunities as the market still looks bullish on the whole.

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.


Source link

You May Also Like