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

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

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

The post Why Ripple Price Holding Above $0.8 Fails To Excite Investors? appeared first on Coingape.


Source: Coingape


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