Ripple price analysis: XRP may bounce back once $0.306 support floor is met

Ripple price analysis continues to show bearish signs, as a sideways pattern extends around the $0.32 mark. Bulls have faced multiple rejections at the $0.35 hurdle, with the most recent one seen on June 21, 2022, when price pulled back 5 percent. Now, XRP faces another potential downswing as soon as the current horizontal trend expires. In this scenario, price may pull back to $0.305 support and garner buyer impetus from there. However, over the next 24 hours, XRP price will need to push and hold up to the $0.336 mark. Conversely, a move down to the next support channel at $0.205 would remain a realistic possibility.

The larger cryptocurrency market showed some signs of upward consolidation, led by Bitcoin maintaining above the $20,000 mark. Ethereum also managed to stay in touch with the $1,100 mark with a minor increment, while leading Altcoins exhibited mixed fortunes over the day’s trade. Cardano dipped slightly to sit at $0.46, similar to Dogecoin’s move down to $0.062. However, Solana recorded an impressive 7 percent jump to reach $37.34, while Polkadot remained at $7.53.

Ripple price analysis: RSI reaches overbought region around current trend on daily chart

On the 24-hour candlestick chart for Ripple price analysis, price can be seen initiating another sideways pattern around the current trend at $0.32. It comes after a similar trend faced rejection around the $0.33 mark on June 19, 2022. Since then, along with price, the moving averages have lowered as well with the crucial 50-day exponential moving average (EMA) now sitting around the $0.33 mark. Price reached as high as $0.336 over the past 24 hours and will need to retain this level if a breakout is to be expected.

However, the 24-hour relative strength index (RSI) indicates that the market valuation at current trend has already reached its upper cap in the overbought zone. Trading volume grew 15 percent over the day’s trade with the RSI sitting at an increased value of 42.12. In addition, the moving average convergence divergence curve remains unchanged for a third consecutive day and can be seen forming lower highs around the neutral zone to present a bearish outlook for XRP. On the upside, if the current price manages to stay above $0.336 on the daily chart, a revisit to the $0.401 resistance may be possible, indicating a 19 percent upswing.

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

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• Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-06-23/