Ripple price analysis is stuck in a bearish loop as the XRP/USD pair hovers near $0.3300 support zone. The bears are not overworking as the thin liquidity on the weekend is not helping their cause. The XRP bulls should seize the opportunity to take the pair above $0.3500 but the volumes are playing a spoilsport here too.
The macro market sentiment is turning neutral from the bearish wave that swept the markets some days ago. The risk-on sentiment seems to be forming near the current $0.3300 levels as the players await more clarity on the price action. Ripple price analysis suggests that the shrinking Bollinger Bands are hinting at another big direction soon.
Ripple price movement in the last 24 hours: Is XRP ready to make a big move?
Even though the overall market sentiment is bearish, the tight price range suggests that a big move is around the corner. It cannot be said certainly if it is going to be bullish, but the current oversold technical indicators do hint at a bullish move. However, the move towards $0.3500 can prove to be short lived as the pair can again move lower towards $0.3300 after letting off some steam.
The emergence of a lower high and lower low simultaneously on the charts have confused the Ripple price analysis. The bulls need to prevent the price from falling towards $0.3100 since the lower support here would crumble if they don’t. The horizontal trendline has a bearish edge that can make the price slip further.
XRP/USD 4-hour chart: Resistance zone pulling the pair below $0.3300
Even though there was a bounce near $0.3400, the pair was unable to convert the same into a rally. The bulls were not courageous enough to maintain the momentum and the weekend liquidity provided no support either. The Ichimoku Cloud shows the liquidity dropping and the trend line is descending taking the price along with it.
The hourly chart shows that the RSI is moving close to 40 level. The pair will get more room on either side on the back of neutral technical indicators. The macro-economic conditions are proving to be another bottleneck in the move against price rise. The hawkish stance of the US Federal Reserve is ensuring the Ripple price analysis remains entrenched in the bearish region.
Ripple price analysis conclusion: XRP all set to fall to lower levels
The current trend in the crypto industry is laden with bearish sentiment. The XRP/USD pair is no different. The Ripple price analysis shows that the pair is drifting lower as the Bollinger Bands shrink around the price action. The pair is moving in a tight range as the price action consolidates to make way for bears to demolish the current price range and take the pair under $0.3100 level.
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Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-09-04/