Ripple price analysis: XRP hints at going past the $0.84 mark despite bearish pressure

TL;DR Breakdown

• Ripple price is expected to rise to $0.84
• The closest support level is at $0.80
• Ripple price is facing resistance at the $0.84

Ripple price has finally gone past the $0.78 mark and strong bullish momentum has carried the price to challenge the $0.84 mark. Ripple price records an over 12 percent price hike across the last seven days showing steady bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement.

Across the broader cryptocurrency market, the last 24 hours have observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include BNB and Dogecoin that record a 0.99 and a 23.84 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 2.89 and a 5.26 percent hike

Technical indicators for XRP/USDT

Across the technical indicators, the MACD shows a declining bullish momentum. Until yesterday the histogram was dark green and was steadily increasing in size due to high bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the price struggled to climb back above the 0.032 mark. Across the EMAs, the 12-EMA still trades above the 26-EMA, the difference between the two is currently decreasing and they may show a reversal at any time.

The RSI is currently trading in the overbought region issuing a strong sell signal as the indicator trades just above the 72.00 mark. The indicator has been trading in the overbought region since yesterday with the bearish momentum only increasing in recent hours. The indicator points downwards and has a very steep slope suggesting an extremely bearish presence at the current price level

The Bollinger bands are currently wide but will converge rapidly in the immediate future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Ripple price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only six indicators issue sell signals suggesting a bearish retracement. Meanwhile, six indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 14 of the 26 indicators suggesting a bullish movement against only four indicators suggest a bearish retracement. Meanwhile, eight indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Ripple price?

Traders can expect Ripple price to continue to fall to $0.80 or further below considering the bearish sentiment of today’s market and the low price volatility of Ripple price.However after it reaches that level it will see a bullish rally that will take it to challenge the $0.84 mark again as the short term and midterm indicators are giving a heavy bullish trend.

Disclaimer. The information provided is not trading advice. Cryptopolitan.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. Source: https://www.cryptopolitan.com/ripple-price-analysis-2021-08-08/