Ripple price analysis: XRP ready to retest $1.20 despite bearish pressure

TL;DR Breakdown Ripple price is expected to rise to $1.2The closest support level is at $1.01Ripple price is facing resistance at the $1.2 After finally climbing past the $1.30 mark, Ripple price failed to continue its bullish rally and the price has dropped to just below $1.14.While the price at press time holds just below $1.14, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues. The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the time frame. The major players that recorded a loss include ADA, and BNB that record a 1.46 and a 3.11 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a 1.12 and a 2.65percent decrease Technical indicators for XRP/USDT Technical indicators for XRP/USDT by Trading view Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the price has started to climb back above the 0.01 mark. While the 12-EMA still trades well below the 26-EMA, the difference between the two is starting to decrease and they may show a reversal sometime soon. The RSI is currently trading in the neutral zone a little above the 45.00 mark and does not issue a signal. The indicator has been trading in the neutral zone ...