Ripple price analysis is turning bearish once again after a brief uptrend, as price shows a decline of more than 6 percent over the past 24 hours. Price currently sits at $0.308 after falling to $0.3028 earlier, and is showing potential to lower down to $0.25 by the end of the day’s trade. XRP price has largely been trending downwards since the start of June, but a brief uptrend saw a high of $0.3497 on June 15, 2022. Since then, sellers have again taken control, with trading volume falling more than 24 percent to $1.48 billion. In order to breakaway from the current bearish outlook, XRP will have to gain momentum to move past support at $0.335.
The larger cryptocurrency market depleted significantly over the past 24 hours, as Bitcoin lowered down to $19,300 with a 7 percent decline. Ethereum followed suit, staying just above the $1,000 mark after dropping more than 8 percent. Among major Altcoins, Cardano dropped 3 percent to $0.47, while Dogecoin shed 5 percent to move back down to $0.05. Solana also lowered 5 percent to $29.68, whereas Polkadot declined 6 percent to sit at $6.82 over the past 24 hours. Tron posted the sole uptrend in the Altcoin market, moving up to $0.06 with a minor increase.
Ripple price analysis: 20 and 50-EMAs maintain bearish alignment on daily chart
On the 24-hour candlestick chart for Ripple price analysis, price can be seen forming a distinct downtrend after yesterday’s consolidation. An Evening Star pattern is appearing to indicate change of trend as XRP price hovers around the $0.30 mark. Price could lower towards the $0.25 support over the day’s trade with market valuation for Ripple facing a steep decline. The 24-hour Relative Strength Index (RSI)is moving deep into the oversold region at 31.14 while a 24 percent decline in trading volume suggests the same.
The crucial 20 and 50-day exponential moving averages (EMAs) also propose a bearish alignment, with the latter currently set at $0.3360. Any upward consolidation will have to breach this mark over the next 24 hours. Similarly, the moving average convergence divergence (MACD) curve shows formation of lower highs and could move further below the neutral zone with the current trend. Current support is set at $0.30 and then $0.25, whereas resistance for XRP is at $0.40.
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