Cryptocurrency prices heat map, Source: Coin360
Ripple price analysis shows XRP prices have been consolidating around $0.4 for the past hours. The prices opened the daily trading session with an intraday high of $0.4175 and have been fluctuating between $0.4153 and $0.4158 since then. This week, the altcoin’s greatest challenge has been to break above the $0.4530 resistance. XRP/USD corrected lower yesterday.
Ripple price analysis reveals XRP’s current price is $0.4015 and has increased by a small value of 0.25 percent in the last 24 hours. The bulls have been defending the key support of $0.4000 for the past few days and have not allowed the price to drop below this level. The immediate resistance is seen at $0.4200, followed by $0.4250. On the downside, support lies at $0.4000 and below this level, at $0.3950.
Ripple price movement in the last 24 hours: Prices enter a consolidation phase
The intraday high of $0.4175 was reached a few hours ago and since then, the prices have been fluctuating in a very narrow range between $0.4153 and $0.4158. The market is currently in a consolidation phase and it is likely that the prices will remain range-bound for some time. The MACD is currently in the bullish zone, but the histogram has started to decrease. This indicates that the momentum is weakening and a consolidation phase is underway.
The RSI indicator is currently at 54.48 and it remains neutral as the prices are neither overbought nor oversold levels. The intraday trading has been mostly bearish for Ripple as the prices have not been able to make any significant gains. The market is currently in a consolidation phase and the prices are likely to remain range-bound for some time.
Ripple price analysis: 24-hour chart. Source: Trading View
Ripple price analysis shows the volatility has decreased in the last 24 hours while the trading volume has also decreased marginally. The total trading volume is currently at $948,798,929.79 while the market ranking of Ripple is currently at number 7. The moving averages are exhibiting a bearish crossover as the 20-day moving average has crossed below the 50-day moving average. This indicates that the prices are likely to remain range-bound for some time.
XRP/USD 4-hour chart: Recent price movement
The 4-hour chart for XRP/USD shows that the prices have been consolidating in a very narrow range for the past few hours. Buying action is on the rise as the prices have been holding above the $0.4153 level. From Ripple price analysis technical perspective, the Relative Strength Index (RSI) is currently trading at 42.8, which indicates that the market is currently in neutral territory. The MACD is currently in neutral territory but is close to crossing into bearish territory.
Ripple price analysis: 4-hour chart, Source: Trading View
Nevertheless, the overall trend is still bullish as the prices are trading above the 20-day moving average. The bears are also likely to make an attempt to push the prices below the $0.4153 level in the next few hours. On the other hand, if the bulls are able to sustain the buying pressure, then we may see a move towards the $0.4250 level in the near term.
Ripple price analysis conclusion
Ripple price analysis shows that XRP prices have been consolidating around $0.4 for the past hours. The market has witnessed a slight increase in buying activity but a clear bullish trend has not emerged yet. The MACD is currently in the bullish zone but the histogram has started to decrease, indicating that the momentum is weakening. The market is likely to remain range-bound for some time as the bulls and bears battle for control.
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