Ripple Price Drops 4% From $1.30 – Buy XRP Cheap Now

• Ripple price trades in the red as bears seek to undo gains recorded over the last week.
• XRP displays a horizontal price action limited by the $1.30 resistance level.
• The short-term outlook remains bullish as indicated by the positive Parabolic SAR.

Ripple price has gained roughly 25% of its value from the August 19 support at $1.06 to Yesterday’s high above $1.30. The recovery has been consistent and for nearly7 days. XRP overcame various barriers, including $1.10, 50 Simple Moving Average (SMA) and the $1.20 psychological level. The uptrend surged above $1.30 earlier yesterday. At the time of writing, Ripple trades in the red at $1.241, losing 4% in 24 hours, as the bears remain determined to push the price lower.

Ripple Price Volatility In A Horizontal Price Action

Ripple price action is dragging and approximately 7% blow the August 15 range high at $1.35. XRP price has been trading in a lackluster price action since August 20 as it wobbles between highs around the $1.30 psychological level and a support embraced by the 50 SMA at $1.205.This points to a sideways price action as the market consolidates. This outlook is likely to continue in the near term.

The Ripple price consolidation is validated by the four-hour Bollinger Band (BB). XRP is currently exchanging hands near the BB’s midline at $1.24, which means that the underlying and overhead pressure appear to be equal.

Note that a breakout is likely to occur if the bands continue to squeeze. If this takes place, Ripple price is likely to continue sliding and the asset will be forced to fall below the $1.20 mark.

XRP/USD Four-Hour Chart

The horizontal price action displayed by Ripple is validated by the sideways movement of the Moving Average Convergence Divergence (MACD) indicator close to the neutral line as seen on the 4-hour chart. Moreover, RSI is mid-ranging at 51.88, which is a show that the bears and bulls are cancelling out.

Short-term XRP Price Prediction

XRP price prediction remains bullish as it eyes the range high at $1.351. For this to happen, bulls must overcome the overhead resistance at the $1.30. If they succeed, the Ripple price could pick up momentum and rally to the range high above $1.35.  A break above this level would rally the cross-border payments token to the next stiff resistance at $1.66, an area that bears aggressively defended May. Therefore, Ripple the pair may again witness a minor correction or consolidation at this point.

This bullish thesis is validated by the upward pointing SMAs and position of the MACD above the zero line. Also note that the Parabolic SAR reversed from negative to positive earlier today adding credence to this bullish outlook.

On the flipside, if the Ripple price fails to hold above the immediate support at $1.205, the asset could drop to the next major support at $1.179.. A bounce off this support could keep the pair range-bound between the two levels in the near term. The trend may turn in favour of the bears if the price slips and rests on the 100 SMA at $1.10.

Where can you buy XRP Cheap?

The top exchanges for trading in XRP currently are: eToro, Kucoin and Coinbase. You can find others listed on our crypto exchanges page.

Looking to buy or trade Ripple now? Invest at eToro!

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