in

Why Ripple Price Holding Above $0.8 Fails To Excite Investors?

Ripple’s remarkable 291% rally in November in jeopardy as the chart prints this critical bearish pattern


Ripple dealt with massive bearish calls last week amid the drop from levels slightly above $1. Many analysts believed that the cross-border money transfer token headed for a significant dive to the support in May at $0.65 and perhaps extend the down leg to $0.5.

However, XRP eagerly embraced support at $0.8, allowing bulls to push the price to higher levels. Nonetheless, since the week started, the international money transfer token has not made any appreciable gains above $0.9.

When will Ripple price come out of this crucial range?

In the last few days, XRP sustained in a narrow range between $0.8 and $0.9. The immediate downside sits on top of the 50 Simple Moving Average (SMA) support on the four-hour chart.

As long as this support is intact, bulls will focus on gains above $0.9 and toward $1. On the other hand, closing the day under this same level may see XRP testing the lower range limit at $0.8.

The Moving Average Convergence Divergence (MACD) indicator currently levels at the zero line. This indicator identifies positions to buy the dip or sell the top, especially in a trending market, by following the asset’s trend direction and momentum.

Note that the leveling motion has no definitive direction; thus, Ripple price consolidation will likely continue to the end of the week. However, the MACD line (blue) may help traders figure out the next breakout direction.

XRP/USD four-hour chart

XRP/USD price chart by Tradingview

A MACD line crossing above the signal will be a bullish signal, calling buyers to increase their exposure in anticipation of gains toward $1.

On the flip side, the MACD line crossing beneath the signal line would imply that losses would take precedence. Apart from $0.8, other key anchor zones are $0.7, $0.65, and $0.5.

Ripple price intraday levels

Spot rate: $0.86

Trend: Sideways

Volatility: Low

Resistance: $0.9

Support: $0.8, $0.7 and $0.65

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Coinbase Bump Alert – Four Altcoins Launching on Top Crypto Exchange

Coinbase Bump Alert – Four Altcoins Launching on Top Crypto Exchange

Bitcoin Left Out Of SEC’s 2021 Regulatory Agenda

Bitcoin Left Out Of SEC’s 2021 Regulatory Agenda ⋆ ZyCrypto