XRP Continues To Move Laterally, Does It Have A Bearish Target Now?

Over the past days, XRP remained within an acceptable price range. The coin tried to make a slight upward move over the past 24 hours. Market movers noted a slight increase in their charts following the Federal Reserve raising interest rates by 75 basis points.

Technical outlook for XRP is still bearish. It is possible that the altcoin will soon move towards its next support zone. The price of XRP is just above $0.30. The coin will trade at $0.24 if it experiences an immediate fall.

The asset is still hovering near the extremity of the selling zone, meaning sellers are in panic mode. The market has become awash with choppiness, and while XRP showed an increase of buying power over the previous two days, it fell in price again.

Today’s global cryptocurrency market is worth $941 billion. This number has fallen by 1%. 0.5% in the last 24 hours.

XRP price analysis: one-day chart

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The price of XRP on the 1 day chart was $0.31| Source: XRPUSD on TradingView

Altcoins were trading at $0.31 as of the writing. The $0.24 price level seems to be its support. It looks like there could be further declines after consolidating at $0.40 and $0.30 levels, respectively.

The coin’s recent struggles to rise above that level have made it possible for overhead resistance to be placed at $0.38. XRP dropped 22% over the week. The altcoin is currently at 90% of its record high price of $3.40.

The February 2021 month saw the lowest XRP price since that time. The increase in trading volumes indicates that there was a sell-off. It was in red, which indicates that bearish prices are prevailing on the market.

Technical Analysis

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XRP neared the oversold area on the 1 day chart. Source: XRPUSD at TradingView| Source: XRPUSD on TradingView

In the months of June and May, the asset touched the region of oversold a few times. XRP has tried to rebound from the zone of undervalued but experienced a drop in purchasing strength over the last 48 hours.

Relative Strength Index showed a decline in line with this and was close to the 20 mark. XRP could fall again if there is continued selling pressure.

Directional Movement Index measures the price direction and price momentum.

DMI was negative because the -DI was greater than the +DI. ADX (Red), was stable above 40. This indicates strength in the current price momentum. This could have a positive impact on XRP’s movement.

Similar Reading: XRP Consolidates-Is it Going to Retrace Now| XRP Consolidates, Is It Going To Retrace Now?

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XRP exhibited a sell signal on one-day chart. Source: XRPUSD at TradingView| Source: XRPUSD on TradingView

Bollinger Bands signify price volatility, or future price fluctuations. Bollinger Bands are a sign that there is increased volatility in prices as shown above.

If you look at the indicators that indicate bearishness, an opening of the bands may also signify a decrease in prices over the short term.

Awesome Oscillator showed a change in the price trend and displayed red signal bars. These signal bars indicate a sell signal.

According to the charts Ripple may remain near $0.30 until the buyers force the price upwards.

Similar Reading: Bitcoin in a Relentless Sell-Off; Does It Have $13,000 In Target Right Now?| Bitcoin Amidst Relentless Sell Off; Is It Targeting $13,000 Now?

Featured image by UnSplash. Chart from TradingView.com

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