Ripple price analysis remains bearish today, as price continues to struggle in moving past the $0.41 cap. XRP has developed a sideways trading pattern with price stagnating around the current price of $0.397. Sellers hold the upper hand in the market currently, however, bulls will need to progress above the $0.51 resistance to form meaningful momentum upwards. Over the past 24 hours, XRP price traded within a closed range of $0.394 and $0.408, with trading volume rising more than 70 percent. At current outlook, the green candles on the daily chart look weak and trading patterns align more towards the downside.
The larger cryptocurrency market showed consolidations made by major cryptocurrencies, led by Bitcoin’s 4 percent uptrend in moving above the $31,000 mark. Ethereum also rose 2.5 percent to move as high as $1,800, while leading Altcoins also showed greens across the board. Cardano soared 4 percent to move up to $0.597, whereas Dogecoin recorded a slight increment to move up to $0.08. Solana rose 6 percent to reach $42, with Polkadot and Tron moving up to $9.48 and $0.08, respectively, with minor consolidations.
Ripple price analysis: XRP continues along extended horizontal trend on 24-hour chart
On the 24-hour candlestick chart for Ripple price analysis, price can be seen stuck under the $0.41 cap where bulls have faced multiple rejections since the start of the month. XRP price is forming an extended rectangular pattern where market valuation can be seen stagnating along with price. For XRP to escape this trend, a close above the 20-day moving average at $0.40 needs to be achieved. Currently, price sits just below the crucial 50-day exponential moving average (EMA) at $0.402, which is expected to lower over the coming trading sessions.
The 24-hour relative strength index (RSI) shows a reading of 40.78, indicating good enough market valuation for XRP to penetrate upwards. However, price movement remains unaffected even with a 68 percent rise in trading volume over the past 24 hours. The RSI is expected to lower from here after saturating at current point. Moreover, the moving average convergence divergence (MACD) curve is forming lower highs and moving closer to the neutral zone where a bearish divergence may be formed if price does not break out over the next 24-48 hours.
The next key resistance level for XRP is at $0.44 and then $0.51, which will come into play once the $0.41 cap at the 20-day moving average is broken. On the downside, key support levels sit at $0.36 and $0.20 which would be crucial in putting buyer pressure if sellers decide to move out of the currently stagnating market.
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Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-06-06/