The cryptocurrency is about to retest the $1.20 barrier, according to Ripple price research. On the other hand, the altcoin is moving independently of the present market trend established by the king Bitcoin and queen Ethereum. In the last 24 hours, the cryptocurrency has lost 3.3 percent, and in the last seven days, it has lost 5.39 percent. At the time of writing, though, the cryptocurrency is going into a minor reversal head and shoulder motion. Let’s take a look at the price of Ripple using candlestick charts.
Bullish momentum is building on the 1-day chart of XRP/USD
The one-day Ripple price analysis candlestick chart shows that the cryptocurrency will retest the $1.20 high with positive momentum. In comparison to the previous few days, volatility is reducing at the time of writing. The upper Bollinger band, which is located at $1.36, is the most powerful resistance. At $1.175, the nine-day moving average acts as significant resistance, with a bearish crossover at the time of writing.
The lower Bollinger band, which serves as the strongest support point, is situated at $0.932. At the time of writing, the Bollinger bands’ average is $1.14, providing solid support. The relative strength index is currently at 56.95, far below the overbought zone, allowing for plenty of positive momentum to develop. At the time of writing, the price of XRP is $1.63.
The 4-hour chart of the ripple price indicates the building momentum
At the time of writing, the four-hour Ripple price research chart shows more evidence of the altcoin’s positive trend. Volatility has dropped significantly on the four-hour candlestick chart, presenting a strong opportunity for buyers to move the cryptocurrency into the positive momentum required to break through the current barrier. The upper Bollinger band, which acts as the greatest resistance, is found at $1.19, while the nine-day moving average (SMA 9) is found at $1.155, which acts as the second resistance point.
The moving average is exhibiting a bearish crossroad at the time of writing, with sufficient support near the $1.20 mark. The lower Bollinger band is found at $1.06 and serves as the strongest support point below $1.20, while the Bollinger bands’ average is found at $1.131 and serves as the second strongest support point. The RSI, which is now at 50.56, is encouraging the positive trend to continue. The RSI, which is practically exactly in the middle of the oversold and overbought zones, offers plenty of opportunities for bulls.
The price of Ripple is now oscillating between $1.14 and $1.7, indicating a positive brewing trend. XRP is expected to break past the $1.7 resistance and beyond if the present bullish momentum leverages the support to burst past the obstacle. The cryptocurrency is expected to tumble to the $1.10 range if the existing support breaks away.