Ripple price analysis: Will the next move for XRP be bullish?
The XRP market fell below $ 1 after the crypto market posted sudden corrections on May 19. The value of XRP dropped as low as $ 0.93 before recovering significantly at the time of writing this article. With a market cap of $ 39.76 billion, XRP is the seventh largest cryptocurrency in the market at $ 1.15.
1-day Ripple price chart
Altcoin’s daily chart predicts that XRP will rise as its value rises above $ 1. However, the stable fluctuation in the market is a compelling factor for the market to hold on to this value.
Currently, the value of XRP is fluctuating between the $ 0.90 instant support and the $ 1.66 instant resistance. When the market stabilizes after yesterday’s drop, XRP can test these instantaneous levels depending on the direction of the Bitcoin market.
The decrease in volatility is also seen with the convergence of the Bollinger Bands. After noting a long period of fluctuation earlier this month, the bands were squeezed and remained parallel to each other. This showed that the XRP market may not see as much volatility as before. While volatility remained low, the Signal line broke above the price bars and highlighted the depreciation.
In addition, the selling pressure in the market has continued since the sale. The Relative Strength Index, which managed to bounce for a long time between the oversold and overbought zones, fell below the oversold zone. The recovery, however, pushed the indicator higher. He’s worth 43 now and he’s trying to reach balance.
Despite additional pressure from buyers, the XRP market continued its downward trend due to the price drop. The momentum is fleeing from the market, especially as money starts to exit the market after about a month.
The XRP market points to the presence of bears and bulls in the market at the time of this writing. Buyers keep the market in profit, although the sudden decline in value is replaced by bears. Buyers are struggling to push the value of XRP above the charts to the $ 1.66 resistance level.