Ripple price analysis: XRP ready to challenge the $0.81 again,recession to follow?

TL;DR Breakdown

• Ripple price is expected to rise to $0.81
• The closest support level is at $0.77
• Ripple price is facing resistance at the $0.82

Ripple price has finally gone past the $0.72 mark and strong bullish momentum has carried the price to challenge the $0.81 mark. Ripple price records an over 11 percent price hike across the last seven days showing steady bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement.

The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the timeframe. The major players that recorded a loss include Cardano, and BNB that record a 2.01 and a 4.06 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a 1.72 and a 4.77 percent decrease.

Technical indicators for XRP/USDT

Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the price is now trying to climb back above the 0.016 mark. While the 12-EMA still trades below 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 that the buyers are fighting back

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 12 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only five indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine 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 three indicators suggest a bearish retracement. Meanwhile, nine 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 reach at-least $0.81 before its fall to its support level of $0.77 or further below considering the bearish sentiment of today’s market .However after it reaches that level it will see a bullish rally that will take it to challenge the resistance level of $0.82 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-2021-08-09/