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Ripple price analysis: Bulls prepare to hike

Cryptopolitan


TL;DR Breakdown

  • The cryptocurrency heat map shows a moderate market.
  • XRP/USD is expected to trade in a bullish trend in a few hours.
  • Ripple is on track to break its intraday peak.

Ripple price analysis: General price overview

The XRP/USD market was overbought one hour into today’s Ripple price analysis chart, with traders rushing in to propel the currency’s price higher in a rising wedge pattern. However, things were different at the start of today’s price analysis chart; The market began trading in a bearish trend.

The bears held on for long before buyers arrived with little power, allowing a brief price increase to $1.2 on the intraday high.

XRP/USD’s price has been moving in a cup and handle pattern since then. After 30 minutes, more sellers than buyers were on the daily price chart, triggering a rapid price drop. Bulls were unable to watch the bears dominate the market, so they rallied their forces, raising resistance at an intraday low of $1.15.

The cryptocurrency heat map shows a moderate market as the number of coins that have made losses is almost the number of gainers.

Source: Coin360

The most popular digital currency continues to have a bleak outlook. BTC has decreased by -0.18 percent on the daily heat map, bringing it to trade at $46K. Ether has been trading in a bullish signal.

Today, Ethereum has seen a 6 percent increase, bringing its price to $3.4K. The Binance coin (BNB) is also trading in a bearish trend, dropping by 0.03 percent today. Ripples (XRP) is trading in an encouraging pattern as it has increased 5%, and it is now priced at $1.16 on CoinMarketCap.

Ripple price movement in the last 24 hours: Moderate market rise

The Ripple price analysis chart began when sellers controlled XRP/USD price. However, bulls entered the market and briefly dominated it for a few minutes before the sellers reclaimed control. The market is relatively tranquil, with almost identical numbers of green and red candlesticks.

Ripple price analysis: Bulls prepare to climb above Mt. $1.30 2

Source: Tradingview

The Bollinger bands were widely spread during the early trading hours, indicating that XRP/USD was more volatile.

Ripple 4-hour price analysis chart: Possible surge

The relative strength index is at 56 and appears to be heading for the overbought zone; this implies a bullish trend in the following trading hours.

Ripple price analysis: Bulls prepare to climb above Mt. $1.30 3

Source: Tradingview

The Moving Average Convergence Divergence line has moved over the red line on our four price charts, indicating a high buying pressure. Bulls have had complete control of the market and are readying to break above $1.2 in intraday trading.

Balance of Power (BOP) is at 0.6, which shows that the buyers are more potent compared to sellers. The bull strength might cause XRP/USD to hike to $2 in the next 24 hours.

Ripple price analysis: Conclusion

The majority of technical measures are in favor of the bulls, indicating that buying pressure is growing. In the next 24 hours, Ripple might rise to $2. This will happen if buyers keep controlling the market.

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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