The past week has been a roller coaster of sorts as the price of XRP (XRP) has seen a rather dramatic drop-off from its current value of $0.30. The drop came shortly after the news that Ripple is reportedly teaming up with a growing list of banks to conduct cross border transactions and reduce the time it takes to move money from one place to another. Many are speculating that this drop may be due to a recent partnership between Ripple and Moneygram.
At the moment, Ripple price analysis indicates that XRP price is going in the wrong direction again, and could approach its low of $0.51 on June 15th again. The $0.60 level has been struck twice over the past week, and XRP price is now going to overshoot this level.
As I mentioned in my previous article, ripple price is desperately trying to get back to a higher price level, but it’s struggling with the bearish market. Ripple (XRP) prices have been in a downward spiral for the last few weeks, with a few spikes and even more dips. However, it appears that ripple price is finally going for a run for the finish line.. Read more about xrp price prediction and let us know what you think.TL;DR Breakdown
- Ripple price analysis turns neutral as price oscillates near key resistance
- XRP price drops to $0.6028 and remains under selling pressure
- Ripple price continues to trade in a narrow range as false recovery faulters
Cryptocurrency heat map by Coin360
Ripple price is following the trajectory of most common altcoins, i.e., stagnation. The XRP/USD pair is undergoing a sideways trading activity as the broader crypto market witnesses a muted session. The weekend saw the price decline to $0.5815, where the bulls picked up the pace and arrested the further decline in prices.
The Ripple price is moving within a tight range of $0.5738 and $0.6678 that marks the limits of Bollinger Bands. There is no prominent positive or negative news from the crypto market. The technical indicators have cooled off from oversold levels, and the price is now looking for signs from the crypto market.
Ripple price analysis shows that the XRP bulls and bears are waiting for a clear direction from the market. The institutional buyers and large investors haven’t yet picked up large orders. It remains to be seen whether the current stagnation will turn into a buy-the-dip strategy.
Ripple price movement in the last 24 hours: Gradual erosion leads to a decline
The XRP technical outlook states that the price is gradually recovering from the $0.5815 lows. However, the decline is not transforming into another bullish rally. The pair is witnessing a slow decline in price that is causing sideways action. The slide towards $0.5730 won’t take long if the bulls do not pick up the buying order pace.
The 50-day exponential moving average at $0.6808 is exerting further downward pressure on the pair. The seller shave used this pivot point to cause a decline in prices in yesterday’s trading session. The pair was unable to move beyond the upper Bollinger Bands.
Ripple price analysis further shows that the pair found support near the $0.600 psychological support level. Further selling can bring the pair towards $0.5129 lows if the bulls cannot defend the $0.5700 resistance as per Ripple price analysis.
XRP/USD 4-hour chart: Ripple poised for another slow fall
Ripple price chart by TradingView
Ripple chart shows that the pair has left many levels untested during its rise from $0.5738 lows. The pair will likely re-test these levels on its decline since the low volumes won’t allow bulls to push the pair higher.
For the day ahead, all eyes will remain on any signal from the technical indicators. Multiple technical indicators are showing neutral to bearish bias on the charts. Ripple price analysis shows that the RSI is at 42 level and is sloping downwards. The MACD indicator is not showing any crossover signs in the short-term charts.
On the upper side, the bulls must exercise caution near the $0.6595 pivot. Further ahead, the pair needs to cross $0.7026, so mark a confident bullish trend. The XRP/USD pair will need support from the broader market and large volumes to paint a definitive bullish trend on the charts.
Ripple price analysis conclusion: XRP heading towards $0.5730 again
Barring an extended XRP rally, Ripple price faces its first significant resistance level at $0.6500. This level will remain the upper limit for now on the hourly charts. The next significant resistance lies at $0.7350, where the bears will exert high selling pressure on the pair.
The lower support lies at $0.6271 and extends into the $0.6000 zone. The sellers will try to push the pair towards sub-$0.600 levels. The pair will likely move towards the $0.6500 level if the stagnation lasts longer since the current phase will contribute to accumulation. As Ripple price analysis has shown in the past, the pair will benefit from prolonged stagnation.
Disclaimer. The information provided is not trading advice. .com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.On the Bitcoin (XBT) and Ethereum (ETH) blockchains, there are two major uses for XRP: XRP is used as a bridge for cross-border transactions between fiat currencies, and as a liquidity tool for digital asset exchanges. This week’s Ripple price analysis focuses on XRP as a liquidity tool, and takes a look at where it might be headed in the near future.. Read more about xrp usdt chart and let us know what you think.
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