Ripple price analysis: XRP ready to challenge the $0.71 mark again

TL;DR Breakdown

• Ripple price is expected to rise to $0.71
• The closest support level lies at $0.70
• Ripple price is facing resistance at the $0.73 mark

Ripple price has finally broken above the $0.65 mark and strong bullish momentum has carried the price to challenge the $0.71 mark. XRP records an over 24 percent price hike across the last seven days showing strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the time frame. Major players include Polkadot and Litecoin that record a 3.51 and a 1.87 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 0.82 and a 1.81 percent hike

Technical indicators for XRP/USDT

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the price is starting to struggle to climb back above the 0.0270 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.

The RSI is currently trading in the neutral zone a little below the 64.00 mark and does not issue a signal. The indicator has been trading in the neutral zone since yesterday. At press time the RSI has again had a small spike towards the overbought region suggesting an increasing bullish presence at the current price level and a clear indication to buy.

The Bollinger bands at press time are wide and as the last few candlesticks are green the bands will expand further in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Ripple price to increase in the short term. Moreover, as the price is consolidating closer to the upper limit rather than the band’s mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only one indicator issues a sell signal suggesting a bearish retracement. Meanwhile, ten 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 11 of the 26 indicators suggesting a bullish movement against only eight indicators suggest a bearish retracement. Meanwhile, seven indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Ripple price?

Ripple price is currently facing resistance at $0.73 mark but the market shows strong bullish sentiment .Moreover the short term technical indicators support the bulls while the midterm technical shows potential for sharp upward movement.As such traders should expect the price to break above$0.71 mark. Traders can expect an upward breakthrough even above the $0.73 mark if the current momentum continues.

Source: https://www.cryptopolitan.com/ripple-price-analysis-2021-07-29/