Ripple price prediction: XRP to observe sideways movement around $1.00 support
Summary of the situation
The price of ripple should move sideways if it finds solid support.
The next support level is $1.00. The amount of $0.830 and below is $0.830.
The XRP is facing resistance at $1.30.
The price of Ripple failed to break through the $1.50 level and fell below $1.10. Although the price currently remains above the $1.00 level, the downward pressure is very strong and the price could fall further if the sell-off continues.
The broader crypto-currency market has seen bearish sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. The biggest losers were the NBB and the DOT, which fell 11.99% and 12.36%, respectively. Meanwhile, Bitcoin and Ethereum posted declines of 8.88% and 9.42%, respectively.
Technical indicators for XRP/USDT
Technical indicators for XRP/USDT from Tradingview
Of all the technical indicators, the MACD is showing strong bearish momentum, as shown in the dark red histogram. The indicator made a bearish reversal yesterday, dipping below -0.0500. The 26-day EMA is above the 12-day EMA, while both EMAs are falling.
The RSI is currently in the neutral zone, just above the oversold zone at 30.00, but giving no signals. Last week the indicator was in the neutral zone, and since yesterday a downward movement of the indicator towards the oversold zone was observed, indicating a strong bearish impulse.
Currently the Bollinger Bands are wide, but in the near future they will converge due to the presence of continuous dark red candles. The convergence of the bands suggests lower volatility for the Ripple price, which hovers just above the $1,047 level. Meanwhile, when the price consolidates to well below the centerline of the bars, the bars will slope downward for the next few candles.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 15 of the 26 major technical indicators pointing to a downward move. On the other hand, only two indicators give a buy signal, suggesting upward price action. Meanwhile, nine indicators continue to lag, supporting neither side of the market.
The technical analysis of 24 hours shares this opinion and also gives a sell signal: 10 of the 26 indicators point to a downward movement, while only six indicators point to an upward price movement. Meanwhile, ten indicators remain neutral and give no signal at the time of writing.
What can we expect from the Ripple exchange rate?
4 hour price chart with Tradingview.
Ripple’s price is currently hovering around the $1.00 support level. This is an important level for buyers to defend. As we have seen over the past 12 hours, the downward pressure has eased considerably since the price fell to this level. Although the Ripple price is still under selling pressure, a further decline is unlikely and we should expect XRP to consolidate at these levels for a while before moving up.
Conversely, when buyers fail to defend the $1.00 support level, the next support will be at $0.8300.
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