Ripple price analysis shows that the pair is unable to thwart the bearish wave in the entire crypto market. The XRP/USD pair is trading near $0.3328 with a strong bearish bias. The range for the Ripple is stuck near $0.3328 to $0.3200.
The bulls have been a failure in the hourly charts as the pair is consistently posting higher lows pointing towards more weakness ahead. The red candles on the charts are another sign of a weak XRP as the price gradually declines towards $0.3123 lows. Bears are vigorously looking for more opportunities to sell the pair if it bounces back towards $0.3400 highs. As the month progresses, the pair is moving towards new lows on the daily charts.
Ripple price movement in the last 24 hours: Bears dominate the charts
There is huge resistance in XRP/USD pair at $0.35 which is likely to act as a barrier for the bulls. The horizontal resistance is unlikely to be breached anytime soon. A close below the $0.30 level would unleash new levels which will weaken the weekly charts price action and tilt it extremely bearish for the month as per Ripple price analysis.
The 20-day moving average at $0.33 also beckons the bears to push the price lower. The resistance at $0.35 represents the 50day moving average where the bulls will strengthen their resolve provided they have enough volume. Currently, Ripple price analysis is no different than any other cryptocurrency.
XRP/USD 4-hour chart: Stable technical indicators
Even though the XRP/USD pair is in a bearish mode, the technical indicators are painting a fairly neutral picture. The Bollinger Bands are in a tight range but do not show any sign of a breakout anytime soon. The pair’s RSI is at 50 level which is right in the middle of the neutral zone. The volume data also does not indicate any spikes in the hourly timeframe according to Ripple price analysis.
The MACD lines are not ready for a bullish crossover and are in a bearish zone. The price is unable to move the MACD line without any large volume on either side. The pair is stuck near $0.3320 zone where the bulls are not participating and the bears are awaiting higher levels to sell.
Ripple price analysis conclusion: XRP awaits direction from broader crypto market
Ripple is stuck in a quagmire albeit a bearish one. The price is hovering between $0.3300 to $0.3400 range. It is too tight to predict any breakout as the volume data shows thin participation. Ripple price analysis shows that if this continues for the entire week ahead, the low volume on the weekend can spark the next direction.
Bulls lack huge participation as the overall crypto market cap slips below $1 trillion. Thus, the volume are going to remain thin unless the macro market scene changes over the coming few days.
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