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Ripple: XRP/USD set to hit above $0.54 overnight
Ripple price research revealed a bearish trend for the XRP market. The bulls are supporting a key asset area at $0.36, but the bears appear to be in control as the price reduces below $0.40. For now, the price stays at risk of further downside unless bulls can push it back exceeding $0.40.
The price is currently selling at the aid of this pattern, but bulls will require to push it back above $0.40 to invalidate the practice. If they fail, the price will likely break down from the triangle and head to the next support area at $0.30. The Relative Strength Index is currently under 50, which shows that bears are in control of the market. However, the RSI has created a bullish variation, suggesting that the bears are losing speed.
XRP/USD 1-day price analysis: Bears likely to be exhausted
The general market has been overlooked by bears over the last 24 hours, according to Ripple price analysis. Over the past 24 hours, trading volume in XRP was $1.2 billion, which is plenty than the 30-day average of $0.94 billion. The XRP market capitalization presently stands at $17.5 billion, which is the 4th biggest in the cryptocurrency market. The XRP price has now fallen by 6% over the past 7 days of trading as it plummets from weekly highs of $0.57 to where it trades on Sunday at about $0.54.
The MACD exhibits that the bears are in control as the price stays below the $0.40 level. Overall, Ripple price analysis depicts that the XRP market is currently in a bearish trend. The bulls need to push the price back above $0.40 to invalidate the descending triangle mark and avoid the further downside. Ripple price analysis shows a bearish trend for the XRP market.
The bulls are upholding a key support area at $0.36, but the bears seem to be in control as the price consolidates below $0.40. For now, the price remains at a risk of further downside unless bulls can push it back above $0.40.On the 4-hour chart, the XRP price has created a descending triangle pattern. This is a bearish pattern that usually signals further downside. The price is currently trading at the support of this pattern, but bulls will need to push it back above $0.40 to invalidate the way.
The XRP price is nearly to test the $0.460 sponsorship level for the first time since May 8th, 2018. The 50-day and 200-day moving standards are currently showing a negative trend for XRP. The present market environment indicates that the bears are in control of the Ripple market but might run out of steam soon. The Chaikin Money Flow indicator shows that capital inflows into the Ripple market have dried up and are currently in the red.
XRP/USD 4-hour price analysis: Ripple prices consolidate under $0.36
The Rippe price forecast for the 4-hour chart shows that XRP/USD bulls have been unable to push costs higher above the last resistance level of $0.37. Since the start of the month, the bulls have been trying to break out past $0.37, but they have thus far failed. The current market circumstances indicate that the bears are in control as the price consolidates below $0.36.
The bulls are losing base as the price reduces below $0.36, with recent market trends not in their favor. The current market circumstances mean that a breakout above $0.37 is unlikely in the short term. If the bulls push the price above $0.37, they will target the next resistance level at $0.40. The 4-hour chart for XRP/USD shows that the bulls have been unable to push costs higher above the previous resistance level of $0.37.
The maturity of the technical hands is pointing to a bearish trend for XRP. The RSI is presently at 36, which demonstrates that the bears have taken control of market momentum. The MACD, on the other hand, has advanced into bullish territory and is rising, suggesting that the bulls may reclaim market control soon.
The 50-day moving standard is presently at $0.35, and the 200-day moving measure is at $0.32. Soon, a breakout to the upside appears unlikely under present market needs.
