The past 5 days have seen Ripple’s value against Tether plummet by 3.7%, as the price took a generall bearish direction from 0.32702641 USDT to the current 0.3150 USDT.
TAKE HOME POINTS
- Ripple has seen a moderate loss in value over the past week.
- Most technical indicators are suggesting the beginning of anothemir period of consolidation around the current price.
- It might be wise to wait before buying into the current trend.
Upon hitting the initial price on the 2st, the price took a 12 hour bearish motion which saw it establish a new low at around 0.3181 USDT, where it started consolidating. This was followed by a general sideways trend which extended to mid-day of the 23rd. The sideways trend was then followed by a 12-hour sharp bullish rally which took it to the weeks high at around 0.3421 USDT. The cryptocurrency managed to maintain the new highs and lows for another 12 hours, before plunging to the weeks low ( at around 0.295) on the 22nd.
This was slightly corrected as the price assumed a sideways trend at slightly higher prices, extending to the 25th. The 25th saw another remarkable upward reversal within a few hours taking the price to 0.388 USDT, but this was short lived as well, as another quick reversal saw it settle on a sideways trend which has led it to the current price.
As for the past 24 hours, the price has improved by 5% from yesterday’s 0.3 USDT (at around the same time) to the current price. 0.2979 USDT represents the 24 hour low whereas 0.339 USDT represents the 24 hour high.
INDICATORS
BOLLINGER BANDS
At the moment, we are emerging from a period of high volatility, as evidenced by the converging Bollinger bands since yesterday when the price started consolidating from the 24 hour high. The price trendline is now biased towards the lower band as it is oscillating around the current price. Previous major periods of high volatility were seen as the price was escalating to the week’s high, and during the plunge which took the price to the week’s low.
Convergence periods are also consistent with the prominent sideways trends observed at certain periods within the week. The converging Bollinger Bands are suggesting a possible continuation of the lateral trend observed since yesterday. However, it is also important to notice that the cryptocurrency has been rather volatile throughout the week as evidenced by several remarkable reversals which have been juggling the price in both directions.
RELATIVE STRENGTH INDEX
The RSI trendline has been consolidating within the midrange for at least 12 hours now. This came in as the aftermath of the oversold conditions attained as the price hit the 24-hour high yesterday. Precious oversold conditions were attained as the price hit the weeks high and on the 21st when the price went through a mild bullish trend before plummeting to assume a sideways trend which took it to the 23rd. The suggestions of the RSI are simirlar to the Bollingers as it points to a possible sustainance of the current sideways trend for at least a few hours.
MOVING AVERAGE CONVERGENCE DIVERGENCE (MACD)
The faster moving average has made a crossover in a bullish direction as the histograms respond accordingly. This comes in the wake of a downward momentum which followed the week’s high from yesterday. Prior to this, a series of crossovers and reversals reflect the volatile nature of the trendline within the week. The current crossover is not backed by a strong upward momentum thus suggesting a consolidation period just like the past two indicators.
Stochastic RSI
The two lines are approaching overbought conditions as they are losing xmomentum. A sizeable number of overbought and ovesold conditions precede the current state of things to reflect the associated reversals. The StochRSI is likely to rebound in an upward direction thus concurring with the previous indicators to a reasonable extent.
Disclaimer : “The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of cryptonewsbytes.com. This article is not intended to provide any investment advice and should not be taken as is. Please perform your own research before investing in any cryptocurrency.”
