Ripple (XRP) Price Analysis
Soon after the XRP price broke the crucial support at $0.78 a couple of times before, the bulls tried to buy at the dips. And eventually, the XRP price faced significant growth in its value both the rimes and reached the levels around $0.77. However, the rejection that occurred on 20th April dragged the price drastically, wherein it now appears a very tedious job for the asset to recover finely.
The XRP price has maintained a steep descending trend which intensified after a breakout from the neckline of the double top pattern. However, the bulls during the previous day’s trade attempted very hard to turn the candle into the green but failed. And hence the sellers appear to be pretty strong since the early trading hours. The price is still pretty away from the crucial lower support and hence the magnetic attraction from these levels may not work. Therefore, the asset still has a fair chance to ignite a rebound.
If the XRP price attempts a flip, it needs to secure minimum levels at $0.78, slicing through the neckline level at $0.71. And hence it may be regaining its position above the trend line and maybe within a safe zone as it may have surpassed the 50-day MA levels too. However, to record a significant uptrend, the asset needs to secure its position above $0.84 and try testing $0.88 and later $0.95. And this may be when the bulls may enter the ring to uplift the price above $1.
Ripple (XRP) Technical Analysis (Short-Term)
|Relative Strength Index(RSI)||44.37||Sell|
|Average Directional Index(ADX)||45.19||Sell|
|Average True Value(ATR)||0.0062||Less Volatility|
|Moving Average (MA)-50||$0.6842|
|Moving Average (MA)-200||$0.7276|
The short term forecast is extremely bearish for Ripple’s XRP price as most of the indicators are negative. Moreover, the price is not volatile and hence no significant price change may be witnessed. And hence the range-bound consolidation may prevail for some more time until the market sentiments flip significantly.