Over the last 24 hours, the crypto market has gained a small amount of ground, with the market leader, Bitcoin, up 1.75 percent. Meanwhile, Ethereum, the most popular altcoin, has climbed 1.05 percent, with the rest of the market following suit.
The price of XRP/USD in last 24 hours has fluctuated between $0.8879 and $0.9426, indicating moderate volatility. Trading volume has fallen by 9.86 percent and totals $2.5 billion, while the total market value trades around $43.3 billion
This week, Ripple’s price action has maintained a bearish trend. The $0.90 mark served as support for XRP/USD, which continued to trade in a tighter range.
Ripple price analysis is bullish for today, as bulls stopped any further downside earlier this morning at the $0.90 support level.
XRP to Rise or fall?
Overcoming sellers within this range could result in a possible rise. Following that, a close over the $0.93 price ceiling would allow XRP to cut through $1.05 and go for $1.23.
Any decline below $0.70 would nullify this result and result in a prolonged sell-off. Until XRP tries its defences at $0.60, expect bulls to be rather quiet. The worst-case scenario would see the price plummet to $0.51, its lowest level since July.
A close above $0.98, on the other hand, would allow XRP to record a new high and invalidate this prediction.
However, XRP’s signs indicated market weakening. The Directional Movement Index (-DI), which is commonly used to determine an asset’s trend, was negative, since it traded above the +DI. Furthermore, due to sustained sell pressure in the market, the Awesome Oscillator and MACD remained below equilibrium levels.
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