Ripple price ever since faced rejection at $0.4 during the first few days of August, maintained a compressed trend within narrow ranges. The recent market sentiments which coiled up with the fresh CPI rates remain largely unimpacted as the price was successful to regain its lost levels rather than breaking above the consolidation.
Therefore, now when Bitcoin prices are flashing a notable bearish signal, will XRP price dump harder or continue with a similar trend?
Market sentiments in the past couple of hours have changed significantly with the growing dominance of the bears. The short-term bounce appears to have faded as BTC’s price is struggling hard to regain $24,000. In the meantime, XRP price is also finding it very difficult to slice through the $0.3845 levels mainly due to an accumulation of equal bullish & bearish pressure.
The chart pattern suggests a rebound to be likely but the technicals are pessimistic.
The XRP price which was trading within a slightly elevated parallel channel has now plateaued along the middle bands. Despite the average volumes, the price appears to remain constant for a long time. Therefore indicates accumulation of strength to propel high very soon.
On the other hand, the RSI displays a consolidated trend as the levels are varying to a large extent in the past couple of days. However, the MACD is flashing a clear sell signal but with less volume, hence a minor pullback could be imminent. In case of a pullback, the price may slide to $0.36 and ignite a strong rebound.
Overall, the Ripple (XRP) price trend appears to have decoupled with the top 2 assets and may not be depending on Bitcoin.