- Ripple price follows the market trend to falling to $0.244 low.
- Analyst expects a drop to $0.21 mark before another rise.
- Mixed market sentiment and bearish market are main contributing factors.
The Ripple price line fell bearish after testing the Exponential Moving Average (EMA) on the 20th of September. The price slipped below the $0.244 mark by the evening. The market is expected to rise, and Ripple price with it.
1-Day Ripple price analysis
The price approached the day’s high of $0.254 US Dollars by noon on the 19th of September. The cryptocurrency traded at $0.24596 US Dollars on Bitstamp, at the time of writing. Whereas, the day’s low was observed at the $0.243 mark.
XRPUSD technical indicators
The Trading View analyst Ronin is of the opinion that the cryptocurrency is currently undergoing a wave trading pattern. Per the crypto analyst, the price will now fall towards the $0.21 level to complete the 5th wave of this trade.
Currently, the cryptocurrency appears to be testing the EMA marked in orange. The technical indicator may cause the cryptocurrency to be pushed back and fall towards the $0.21 support level. Per the chart above, the cryptocurrency’s trade volume has been decreased ever since the start of September.
The Relative Strength Index (RSI) stands near 45.00, which means that the technical indicator is in a neutral zone. The Moving Average Convergence Divergence (MACD) line appears to be moving above the signal line, while the Histogram is decreasing in the positive region.
What’s next for Ripple?
The Trading View analyst Saeed believes that the XRP price will see an uptrend towards the $0.28 resistance, which will then be followed by a price fall towards the $0.21 mark.
Per the analysis, the cryptocurrency trades inside a falling wedge pattern. The XRP price fell below an ascending trend line marked in the chart above. The recent accumulation above the $0.24 level may allow the cryptocurrency to rise towards the ascending trendline. For this ascension, the XRPUSD pair will have to break above the falling wedge pattern and test the rising trend line. The analyst believes that the resistance will be strong enough to cause the cryptocurrency to fall down towards the $0.21 support level.
What to expect from the XRP price?
The Trading View analyst Vince Prince has stated that the XRPUSD trading pair is under an overall bearish bias while it trades inside of an ascending channel.
The cryptocurrency recently made its way towards the back-up-cluster near the lower ascending trendline of the trading channel. Per the analyst, the XRPUSD pair has bounced from this cluster, which means that the cryptocurrency will now make its way across the midpoint of the ascending channel and towards the upper ascending trendline. If the cryptocurrency, at any point, breaks below the ascending channel, the price will fall in the bearish zone. This is why the cluster region is important for XRP to hold.
If Ripple closed above the 400-Day EMA (green), the price will have more room to move towards the upside and test the upper trendline. However, the ascending channel may eventually result in a bear flag for Ripple, which means that the cryptocurrency is still in a bearish bias. For now, the XRPUSD pair is expected to test the higher levels if it holds the $0.248 support.