Ripple Price Analysis – Bears Still In Control of XRP

a day ago | Michael Fasogbon

Ripple price: $0.34
Key XRP resistance levels: $0.36, $0.38, $0.4
Key XRP support levels: $0.31, $0.3, $0.28

*Price at the time of writing


Ripple price long term trend: Bearish

After two months of trading in a channel boundary, Ripple has finally broken down from a tight range between $0.38 and $0.5 which stalled the market in an indecisive condition. Having established a low at the $0.31 area yesterday, the market closed around the $0.32 price level following a reaction from the buyers.

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If the market can continue to exhibit a more positive scenario, we can expect the market to meet higher prices at the $0.36 and $0.38 levels on a retracement. A further climb above the mentioned prices could bring the market back to $0.4, an important level for the bulls.

Considering the RSI technical indicator, we can see that XRP trading has reached critical support at the 30 level. If it breaks low, the price will likely break the $0.3 support. However, support at $0.28 may suppress the selling pressure in the market.

The XRP market has returned to the oversold region on the Stochastic RSI after a slight bullish crossover. We may see more downwards movement if the indicator fails to turn bullish. Having seen a serious bearish scenario over the past days, the bulls appear to be stepping back into the market.

Ripple price medium term trend: Bearish

As we can see on the 4-hour chart, XRP is following a falling channel formation. The market has tested the channel support boundary during yesterday’s trading. Now, the XRP market is reversing toward the key resistance at $0.361. If we see a break-up, the $0.377 level is likely to come into play. 

For the bear side, however, the nearest level of support lies at $0.32. A breach below this level could make the market explore $0.3, an important psychological level. 

The RSI is revealed in an upward direction following a bullish cross. Conversely, the Stochastic RSI has at the same time signaled a positive move for the market. That’s a bullish confirmation as it’s already playing out.

Ripple price short term trend: Bullish

Today, the 3rd biggest cryptocurrency by market cap has displayed a slight recovery of 4.4%. More importantly, the XRP price is now sitting at around $0.34 after starting the day off on a positive move. XRP now has a market cap of $14.6 billion and a 24-hour trading volume of $1.9 billion.

The market is now aiming at the $0.36 and $0.377 resistances after breaking the $0.33 resistance, which is now likely to act as a support level for XRP.

As revealed on the hourly Stochastic RSI, the XRP market is currently overextended, and this might cause XRP to fall back to previous supports soon. However, the hourly RSI is still reflecting a bullish continuation for XRP trading.

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