- The ripple price should retest the $1.50 level, but a breakout is unlikely.
- The XRP is facing a strong bearish presence above $1.40.
- The next support level is $1.20.
After finally crossing $1.90, the Ripple price failed to continue its upward movement and fell just above $1.40. Although the price remains just below the $1.40 level at the time of writing, the upward pressure is strong and the price could rise slightly in the near term if buying continues.
The broader crypto-currency market has been bullish over the past 24 hours, with most major crypto-currencies posting gains over time. The best performers were the DOT and the NBB, which posted gains of 8.27% and 27.47%, respectively. Meanwhile, Bitcoin and Ethereum posted gains of 3.5% and 12.23%, respectively.
Technical indicators for XRP/USDT
Technical indicators for XRP/USDT from Tradingview
As for the technical indicators, the MACD showed a bullish reversal yesterday and has remained bullish since, as shown in the dark green rising histogram. Currently, both EMAs are moving higher, with the 12 EMA separating from the 26 EMA, showing increasing bullish momentum at the time of writing.
The RSI is currently hovering in the neutral zone just below the 52.00 level, but is not giving any signals. It was in the neutral zone last week. In the past few hours, the indicator has entered overbought territory, suggesting that buyers are offering resistance.
The Bollinger Bands are currently wide and will widen in the future based on dark green candlesticks. The widening of the band indicates increased volatility in the price of Ripple, which currently sits just above $1.40. Meanwhile, when the price is above the centerline of the band, it will have an uptrend for the next few candles.
Overall, the technical analysis on the 4-hour chart gives a buy signal, with 11 of the 26 major technical indicators pointing to bullish support. On the other hand, only six indicators are giving sell signals, indicating a downward correction. 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 buy signal: 15 of the 26 indicators are bullish, while only two point to a bearish correction. Nine 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.
While Ripple remains above support at $1,200, resistance at $1.50 is keeping the price from advancing. XRP is still under bearish influence, making it difficult for the bulls to build momentum.
Traders should expect Ripple to rise to $1.50, although a breakout is unlikely as the bulls lack momentum. However, as the medium-term technical analysis shows strong rising support, a downward move is unlikely. So we can expect the price of Ripple to hover around the $1,400 mark in the coming days.
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