Ripple price analysis indicates the digital asset has been in a downward trendline over the weekend and on Monday it started to recover slightly. Presently, it is trading at $0.3239 and is down by 1.63 percent in the last 24 hours. Bears are active in the market and they pushed the prices down to $0.3243, which is the new low for this month. The digital asset has found some support at this level and it started to move up.
The price action on Monday indicates that the bulls are trying to take control of the market but they are failing as of now. The market is highly volatile and the prices are likely to remain range-bound for some time. The digital asset is presently trading below the 20-day moving average ($0.3354) and the 50-day moving average ($0.3407). The market cap for XRP is $16.1 billion and the 24-hour trading volume is $602,488,689.56.
The general market is recovering but XRP is still in a bearish trend. Market leader Bitcoin is down by 0.27 percent as bulls try to push the price to the $20,000 level. Ethereum is up by 0.73 percent and it is trading at $1563.65.Most of the altcoins are in bearish sentiment.
Ripple price analysis on an intraday chart: Range-bound movement is likely
From the Ripple price analysis on an intraday chart, it can be observed that the XRP prices have been consolidating between $0.33 and $0.324 over the last few hours. The digital asset is presently trading at $0.3239 and is likely to remain range-bound for some time. From the Ripple price analysis on a daily chart, it can be observed that the XRP price has been in a continuous downward trend. The digital asset opened the daily trading session on Monday at $0.333 but the bears came in to push the prices down to $0.3243.
The immediate support levels as of now are at $0.3243 and $0.3200. The digital asset is likely to find some resistance at the 20-day moving average ($0.3354).The finobacci retracement levels indicate that the XRP price is likely to find some support at $0.3229 and $0.3200. The digital asset is likely to face resistance at $0.3354 and $0.3402.
The RSI (relative strength index) indicator on the intraday chart is presently at 41.67 and it indicates that the digital asset is in the oversold zone. The MACD (moving average convergence divergence) indicator on the intraday chart is presently in the bearish zone but it is close to the centerline.
The Bollinger bands indicate that the XRP prices are likely to remain range-bound for some time. The upper Bollinger band is at $0.3340 and the lower Bollinger band is at $0.3239.These levels are likely to act as immediate resistance and support levels for the digital asset.
Ripple price analysis on a 4-hour price chart:Bearish trendline intact
The Ripple price analysis on a 4-hour time frame reveals that the bears are increasing their grip on the market. The digital asset has formed a bearish trendline on this chart and it is presently trading below this trendline. The price is below the 200-day moving average ($0.3763) and the 50-day moving average ($0.3407).
Most of the indicators are showing a declining trend. The RSI (relative strength index) indicator on the 4-hour time frame is presently at 36.57 and it indicates that the digital asset is in the oversold zone.
The MACD (moving average convergence divergence) indicator on the 4-hour time frame is presently in the bearish zone and it is close to the centerline.
XRP prices have been fluctuating between a range of $0.3200 and $0.3354 over the last few hours. Hence, it has an impact on the market volatility whereby the Bollinger bands are wide on this timeframe.
Conclusion
To sum up Ripple price analysis, the digital asset is likely to remain range-bound for some time. The bulls will need to push the prices above the $0.3354 level to resume the uptrend. This is supported by the fact that the digital asset is presently trading below the 20-day moving average and the 50-day moving average. On the other hand, if the XRP price breaks above $0.3350, it is likely to resume its downtrend.
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