Ripple price analysis: Range-bound XRP grinds lower to touch $1.3008
Ripple analysis turns bearish as XRP breaks through critical support levels.
XRP is stuck in a narrow bollinger band range of $1.4774 to $1.9636.
The bearish connotations have no impact on the daily charts, which remain bullish.
Consolidation is the theme of the entire crypto market right now.
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Ripple’s price fluctuations are confusing for traders and investors. The downward trend reinforces the feeling that the current price decline is more than a consolidation. Compression of the Bollinger Bands is unlikely during the breakout, but could lead to further price declines.
As the analysis of the Ripple price shows, the decline is more pronounced on the hourly charts. The consolidation model can be seen on the daily timeframe where XRP is always on the positive side. The Ripple rose 5.8% yesterday and the pair tried to reverse the downward trend. According to Ripple’s price analysis, today’s bounce was met with a bearish start, while the price moves in a narrow range of $1.4770 to $1.9636.
Monday’s 7% decline has been partially recovered, but the outlook for the rest of the day is bleak. At the time of writing, the XRP/USD is trading at $1.3212 after hitting a low of $1.1730. The recovery is gradual as the pair tries to move higher, and the rising price channel is now at risk.
Volatility of price movement in the last 24 hours: Downside risks remain high due to declining volumes
The current decline in the XRP is due to the general weakness of the market. Most altcoins are in the consolidation phase. The $1,287 level is an important support level that represents a correction to the 38.2% Fibonacci uptrend in March. The next key support lies around $1.1982, where selling pressure could ease and buying could resume.
The intraday high for today remains at $1.4478. It will be difficult for the bulls to gather enough volume to retake the intraday high while the downtrend strengthens. As the price approaches support at $1.2023, the pair has seen increased selling due to increasing profit taking.
According to Ripple’s price analysis, the technical indicators are quickly moving from neutral to bearish. Support at $1.2807 The US remains a critical pivot point. The longer Ripple stays behind the $1.40 price level, the stronger the selling wave will be.
4-hour chart XRP/USD: A new sales round is waiting for XRP
TradingView Price Ripple Chart
The March uptrend has been fast and many support and resistance levels have yet to be tested. The XRP will surely return to these levels over time. In terms of Ripple price analysis, some of the pivot points were already close to the current decline.
The first significant resistance for the XRP/USD pair remains at $1.4900, which should be broken soon. However, the price is linked to the contraction of the Bollinger Bands, which limit a sharp rise. The upward price channel on the hourly chart has almost disappeared. The 55-day simple moving average is now showing a downward slope.
The RSI remains at 44 and is falling. Other signals such as the MACD and the Stochastic RSI are also negative. The pair is unable to break out of the bearish trend due to lower volumes. According to Ripple’s price analysis, the pair needs massive support from the broader market to reverse the decline and break through the high at $1.4478.
Result of round-price analysis Dealers need to prepare for expansion of sales
Apart from the long crypto rally, traders should keep an eye on the main support levels on the hourly charts. The pair is likely to remain below $1.5430, the 23.6% Fibonacci retracement level of the March uptrend. According to Ripple’s price analysis, new long positions should only be opened when the pair is above the $1.60 resistance level.
The current pullback will retest the lower levels before the price action reverses. Failure to defend the $1.2800 level will open a new bearish path to the $1.2235 level. In the worst case scenario of Ripple price analysis, it could also head towards the $1.00 level if the bulls fail to stop the ongoing selling.
The current scenario of the crypto market with an extended correction could persist in the coming days. Most algorithms have regained some of their recent March gains. Still, the overall outlook for crypto is improving, with recent Federal Reserve policies contributing to the positive sentiment.
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