- Ripple price analysis suggests sideways movement across the short term
- The closest support level lies at $1.050
- XRP faces resistance at the $1.10 mark.
The Ripple price analysis shows that the asset has observed a drastic decline in its price volatility over the last few days as majority of traders seem to be speculating about the markets. The market sentiment was bullish a few days ago but now seems to have taken a bearish turn as the $1.050 support level has been breached twice in the past three days.
The broader cryptocurrency market observes a bullish sentiment over the last 24-hours as most major cryptocurrencies record a positive change over the period. Major players include AVAX and ADA that record a 12.00 and an 11.20 percent incline respectively.
Ripple price analysis: Bulls struggle for market dominance
Across the technical indicators, the MACD is bullish as expressed by the green histogram. The indicator exhibited a crossover on September 9 and has been bullish since. However, despite that, the momentum has remained low as the price continued to oscillate between the $1.00 mark adn the $1.150 mark with little to no movement beyond this region.
The EMAs are currently moving upwards showing strong buyer activity at press time. However, the 26-EMA has been catching up to the 12-EMA which has observed a declining gradient due to the selling pressure above the $36.00 mark.
The RSI is currently neutral and trades close to the indicator’s mean line at 50.00 index level. The indicator’s current position leaves room for sharp price movement in either direction across the short term charts. However, the indicator is currently moving horizontally suggesting that both sides are currently struggling to gain dominance over the price action.
The Bollinger Bands are narrow and have experienced a drastic change a few days ago as the bands converged sharply on September 9 when XRP stabilized around the $1.10 mark. Since then the indicator has remained narrow as the price oscillated around the bands’ mean line.
Technical analysis for XRP/USDT
Overall, the 4-hour Ripple price analysis issues a sell signal, with 11 of the 26 major technical indicators suggesting a downwards movement across the timeframe. On the other hand, only six indicators are issuing a buy signal suggesting a low bearish presence at the current price level. At the same time, ten of the indicators remain neutral and do not issue any signals at the time of writing.
The 24-hour XRP price analysis shares this sentiment and shows nine indicators in favor of the bears against eight indicators supporting the bulls. The analysis exhibits a negative sentiment suggesting downwards movement for XRP. Meanwhile, the remaining eight indicators sit on the fence and do not support either side of the market.
What to expect from the Ripple price analysis?
The Ripple price analysis suggests further consolidation as the mid-term technical analyses show the uncertainty in the markets. Furthermore, as BTC observes high volatility, XRP traders are currently speculating about the broader market’s next move. Similarly, the short-term charts show low trade activity occurring for the past few days as all eyes turn to BTC.
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