Categories: Altcoin News News Price Analysis

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 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.

advertisement

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

advertisement
John Isige

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

Share

Recent Posts

  • guest post

How Are Cryptocurrencies regulated in Different Parts of the world

Digital currency is a relatively recent concept, and central banks around the world are still…

2 mins ago
  • Bitcoin News
  • News
  • Regulation News

$161.9 Billion AUM Asset Management Firm Launches Crypto Index Fund for US Investors

Victory Capital Holdings has announced the launch of its private crypto index fund, Victory Hashdex…

29 mins ago
  • Blockchain News
  • News

Robinhood ($HOOD) gets a taste of its own medicine, stocks halted after 65% surge

Robinhood, the fintech trading platform that also supports crypto trading faces a similar situation that…

1 hour ago
  • News
  • NFT News

How NFTs are changing the Luxury Fashion Industry?

Non-Fungible Tokens (NFTs) have gained raging popularity in just a few months. The trend has…

2 hours ago
  • Bitcoin News
  • Blockchain News
  • News

Breaking: Grayscale Appoints 20-Year ETF Veteran to Focus on its Bitcoin ETF Launch

Grayscale, the world's leading asset manager is quite focused on its goal of converting its…

3 hours ago
  • Press Release

PR: Zero Fees for Futures Trading on Cryptology

Cryptocurrency traders across Europe were left hanging as Binance announced it would be stopping all…

3 hours ago