The latest Ripple price analysis shows that the cryptocurrency has taken a hit and is currently trading at $0.4675. This is after it underwent a bearish spin that saw its value depreciate from $0.5069. The current level of support for XRP/USD is seen at $0.4598 while resistance is present at $0.5069.
The cryptocurrency had been on an uptrend in the past few days, however, this was short-lived as the bearish spin took over. The downtrend is likely to continue in the near term as the bears remain in control. The market capitalization for Ripple stands at $23.24 billion and the 24-hour trading volume is at $3.34 billion.
XRP/USD 1-day price chart: Bearish turn disrupts bullish rally as price draws back to $0.4675
The one-day Ripple price analysis shows that the cryptocurrency was on a bullish rally in the past few days, however, this was disrupted by a bearish spin. The price has drawn back to $0.4675 with a loss of 6.86% and is currently trading below the moving averages. The Moving Average (MA) is standing close to the current price as well as it is at the $0.449 level.
The Relative Strength Index (RSI) is at the 45.37 level and is indicating a neutral market. The higher and lower values of the Bollinger bands are settled at the following points; the upper value is at $0.5069 which as of now is serving as the resistance and the lower value is at $0.4598 which currently is functioning as the support.
Ripple price analysis: Coin value degrades to $0.4675 after bearish slide
The four-hour Ripple price analysis supports the sellers as the price experienced a massive fall in the past few hours. This is because the bears have made a comeback and are striving hard to win back their lead. The selling momentum is heightening, which is why the coin value leveled down to $0.467. Because of the sudden bearish sweep in the past four hours, the price has gone below the moving average value, i.e., $0.4484.
The RSI graph is also showing downward movement, as the score has gone close to the under-bought value as it is 46.51. The Bollinger bands are also giving a bearish sign as the lower value has gone below the candlesticks to form a bearish engulfing pattern.
Ripple price analysis conclusion
The above one-day and four-hour Ripple price analysis are going in favor of the bears today. The cryptocurrency faced a substantial amount of loss in the past 24 hours, as the price levels receded to the $0.4675 mark. The Bulls need to put up a good fight and conquer the $0.5069 level to take back their lead in the market.
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