The Ripple price analysis is still moving on the bearish trend as the digital asset dropped to $0.3708, with a 5.68% decrease in its market value over the day. The selling pressure on the XRP/USD pair has been gathering momentum lately with a strong bearish sentiment in the market.
The market opened trading with a bullish sentiment and even surged to a high of $0.4139 on the day. However, the buying pressure was not able to sustain itself as the bears took over. The support level for the XRP/USD pair is currently seen at $0.3667, and if bearishness persists, the pair might break below this level.
The resistance for XRP/USD is seen at $0.3964, and if the bulls manage to push back against the bears, XRP may be able to breach this level and surge again in value. The buying and selling pressure on the pair will determine which way XRP goes in the near future.
Ripple price analysis 1-day chart: XRP/USD lowers to $0.3708 after an overall market crash
The daily Ripple price analysis chart is showing signs of further loss after the bears took over the market earlier this day. The price has moved down to the $0.3667 level after the bears continued their lead today. The XRP has been trading in the range of $0.4139 and $0.3667 today, unable to make any significant move in value on either side.
The 24-hour trading volume for the Ripple currency today is $1.7 billion, with a decrease of 9.78% compared to yesterday’s trading volume. The market capitalization for XRP is also seen decreasing, and it currently stands at $18.8 billion, which is 5.46% lower than yesterday’s value.
The technical indicators show a bearish sentiment in the market, with the Relative Strength Index (RSI) moving downward to 43.38. The Bollinger bands are also showing high volatility in the XRP/USD pair, with the lower band remaining at $0.3976 and the upper band staying firm at $0.3632. The 20-day Moving Average (MA) is seen moving toward the downside, and it currently stands at $0.3749.
Ripple price analysis 4-hour chart: Recent updates
The latest Ripple price analysis shows that the price has been going downward for the last four hours as well. The trending line has been towards the bearish side for the past week, and it is still moving in the same direction. The loss has been huge as the XRP/USD price is now at the $0.3708 position, which is quite near to the support level as the downtrend has been of quite an impact.
The hourly moving average value is currently at $0.3807, with a bearish crossover of the 50-period Simple Moving Average (SMA) and 20-hour Exponential Moving Average (EMA). The Relative Strength Index (RSI) has also been constantly moving towards the bearish side and currently stands at 39.99. The Bollinger bands are also quite volatile and are seen with the lower band at $0.3999, while the upper band stays firm at $0.3630.
Ripple price analysis conclusion
Overall, the Ripple price analysis is currently facing a bearish sentiment due to a lack of buying pressure in the market. The selling pressure has been quite strong today, and the price has already gone down to near the support level at $0.3667. The resistance for XRP/USD is seen at $0.3964, and if the bulls manage to push back against the bears, XRP may be able to breach this level and surge again in value.
