The poor show of Ripple Price continues. The XRP price is displaying no strong growth. In fact, in the last 7 days, the Ripple price has decreased by almost 4.3%. At the time of writing this, the Ripple price is sitting at $0.232. Will the XRP price continue to fall? Let’s take a look at it.
Ripple Price Analysis: XRP Price Short-Term Forecast
As mentioned earlier, the XRP/USD price is currently trading at $0.232 after the bulls have worked to build a few higher lows. The Ripple price was struggling to climb above the 12-EMA for quite some time and it’s now fighting to crack the 26-EMA.
If we closely observe the daily price chart, then we will find that the daily chart could slowly be changing in favor of the bulls, however, the downtrend is still there as buyers require to set clear and strong higher highs to strengthen an uptrend. The next most crucial resistance level could be $0.249. The RSI hasn’t progressed much and trading volume was decreasing.
Now, on the 4-hour chart, it seems that bulls have accomplished to build a few clear higher lows but could be failing to establish higher highs as it looks the $0.249 resistance line is quite strong. A definite break and close above this level would establish a 4-hour uptrend but the RSI could get overextended by then.
Ripple Price Analysis: XRP Price Long-Term Forecast
Now, if we closely observe the weekly and monthly XRP price charts, then we will find that the long-term outlook for XRP price could not be as good. The weekly chart was in support of the bulls just 24 hours ago but at the moment it is declining slightly. however, XRP has failed to establish a new 2020-high. The 12-EMA and the 26-EMA could be crucial in the next 2-3 days.
Things could be even worse on the monthly chart as Ripple price bulls have failed to build a monthly uptrend since December 2017. Now, if we observe the monthly Parabolic SAR, then we will find that the dots have formed between the 0.11725 and 0.11734 price range, and as per the Parabolic SAR, the rate of change is often described its sensitivity, can be adjusted by reducing the step. This operates by extending the gap between SAR and price.
So, right now, the SAR dots are not far from the current Ripple price in the monthly chart, which could indicate that the XRP/USD price could decrease in the next few days. The only positive thing could be that the SAR dots are too far from the current Ripple price in the weekly chart. Also, the 26-EMA is acting as a strong resistance level here and the 12-EMA as the support. Trading volume increased in July and August which means the breakout was influential but overall, it’s still low.
Conclusion
The next target for Ripple price could $0.239 and of course, the psychological level at $0.20. A bounce from any of these two levels could push Ripple price above $0.25 again and could create a stability pattern in the forthcoming weeks. We wish you happy trading!
