Ripple price prediction is currently in a seesaw trend with little clarity The sharp uptrend followed by downtrend confuses traders XRP/USD trades at $0.3863 and within the Bollinger Bands Ripple traders fear a pump-and-dump scheme is underway Ripple price prediction has become contradictory, with the price making sharp moves on either side. A few […]
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Ripple price prediction has become contradictory, with the price making sharp moves on either side. A few days ago, the price jumped to $0.7550 from a low of $0.2680, only to return to $0.3877. such an abrupt move has left a bad taste in the mouth for XRP traders. The sharp uptrend and the subsequent downtrend has given rise to rumors that there can be a ‘Pump-and-Dump’ scheme in the works.
The seesaw action on the hourly charts further fuelled speculations that all is not well in the XRP realm. The confusing price action has so far left both bulls and bears hurt in the wake of rising XRP trading activity. At the time of writing, the wild swings are somewhat muted. The price is trading within a tight range of $0.4145 to $0.3500.
The price action may witness another upswing if the technical indicators are to be considered. The RSI and MACD are poised for a breakout since the price has consolidated after the downtrend from the pumped-up highs. If it happens, the rebound can take the price away from the Bollinger Bands middle zone and towards the $0.5416 high in the short term.
Ripple price movement in the last 24 hours – XRP/USD stuck in a tight range
There’s no denying that the XRP traders are facing a peculiar situation in the Ripple price prediction. The price has repeated the seesaw movement once again after a gap of a few days. The fall from $0.7550 to $0.3400 was sharp and saw the long-positions being closed off on a large scale. The price is consolidating after the downturn and trading within a minimal range of $0.4045 and $0.3744.
You can find more info here. Similar thing happened to TRX yesterday and the entire pump retraced really quickly. Either way be careful. https://t.co/qfrmSTtiE2
— Larry Cermak (@lawmaster) January 30, 2021
The selloff has prompted the traders to avoid the exciting price levels and enter when the price is suitable from a technical viewpoint. At present, the Ripple price prediction seems to have found a decent support near the $0.3710 level. The small candles are mostly ‘Doji,’ and the traders are unable to decipher the direction. Large traders can take advantage of the confusion prevailing in the market to swing the price wildly.
A bounce in the price can take the XRP/USD towards $0.4395 resistance. Any bump higher can attract selling since the buyers are unlikely to trust the current scenario’s uptrend. The Ripple price prediction is facing trust issues, and price may bounce back within the Bollinger Bands. Until the price closes above $0.4500 resistance successively for the next few days, traders won’t be taking any chances.
XRP/USD 4-hour chart – Small range makes XRP/USD picture hazy
The upside seems to be capped near the $0.5005 level, which poses an additional resistance challenge to the bulls. The break below $0.3689 will bring more bearish price action into the picture. The previous low of $0.2639 may be revisited if the selling pressure intensifies in a fearful environment.
The Ripple price prediction does also faces dumping in case the ‘pump-and-dump’ fears revisit the charts. Bears can be quick to discard the XRP/USD pair even at lower levels. There can be challenging to predict a bottom in such a scenario since the XRP already faces many legal challenges, and the entire picture is hard to decipher.
The RSI is currently hovering near 49, which signifies more confusion between the bulls and the bears. Most of the other indicators, including MACD and moving averages, aren’t helpful in understanding Ripple price prediction. The MACD is a flat line with no imminent breakout on either side. The recovery from current bear levels seems like an uphill battle until the Ripple price closes above $0.5058 resistance.
Ripple price prediction conclusion – XRP/USD faces trust issues
Traders are awaiting the dust to settle in the wake of a ‘pump-and-dump’ environment. The sellers are awaiting another round of selling near the $0.4050 region. The 50-day simple moving average at $0.3627 is providing support to the price. The 200-day SMA below will further help absorb the selling pressure.
The current sideways price action is likely to continue until bulls gather enough buying momentum to take the price near higher resistances. The technical indicators are all pointing towards a muted price movement in the next few hours. Ripple price prediction needs to settle above $0.4 level to start the next bull run.
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