XRP continues to move sideways, does it now have a bearish target?
XRP has been floating within a price range for the past few days. In the past 24 hours, the coin has been trying to move slightly upwards. Market movers also saw a slight rise in their charts after the Federal Reserve raised interest rates by 75 basis points.
Technical outlook for XRP continues to paint a bearish picture for the currency. The altcoin could soon try to move near its next support zone. The price of XRP just managed to stay above $0.30. An immediate fall will cause the coin to trade near the $0.24 price level.
Sellers are still panicking as the asset continues to hover on the chart near the extreme sell zone. Bulls are tired as the market took over, XRP flashed an increase in purchasing power over the past two days, but when the coin fell back in value, sellers took over.
The Global Cryptocurrency Market Cap Today Is $941 Billion With A Decline Of 0.5% in the past 24 hours.
XRP Price Analysis: One Day Chart
XRP was priced at $0.31 on the one-day chart | Source: XRPUSD on TradingView
The altcoin stood at $0.31 at the time of writing. It seems to have found support at the $0.24 price level. After consolidating between USD 0.40 and USD 0.30 respectively, it looks like more downsides may be looming.
Overhead resistance could be pointing at $0.38 as the coin has struggled to move past that above-mentioned level of late. In the past week itself, XRP fell 22%. Right now, the altcoin is down 90% from its all-time high of $3.40.
The price of XRP last hit these lows in the month of February 2021. Trading volume surged, signaling a sell-off. The bar was in the red, signaling bearish price action in the market.
XRP Neared Oversold Territory on the One Day Chart | Source: XRPUSD on TradingView
The asset has hit oversold territory a few times, both in the month of May and in June. Over the past 48 hours, XRP has attempted to recover from the undervalued zone, but again noticed a decline in purchasing power.
In line with the same, the Relative Strength Index showed a decline and moved close to the 20 mark. Continued selling pressure could push XRP back into oversold territory.
Directional Movement Index determines the direction of price change and current price momentum.
DMI was negative as the -DI line was above the +DI line. ADX (red) was stable above 40, which was a sign of strength in the current price momentum. This meant that XRP could move further south.
Related literature | XRP Consolidating, Is It Going Back Now?
XRP Depicted Sell Signal on the One Day Chart | Source: XRPUSD on TradingView
Bollinger Bands indicate price volatility or incoming price swings in the market. In the chart above, Bollinger Bands have opened, which is a sign of increased price volatility.
Judging by the other indicators of bearishness, opening the bands in the near term could also mean a further drop in price.
Awesome Oscillator showed change in price trend and flashed red signal bars. These red signal bars are linked to the sell signal for the asset.
According to the charts, Ripple could stay near the $0.30 price level for a little longer before the buyers cause the price to move up.
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Featured image from UnSplash, chart from TradingView.com