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

Published June 16, 2021 | Updated June 16, 2021

Ripple XRP
Image Courtesy of Flickr

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

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
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.

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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

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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.
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John Isige 1057 Articles
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