Ripple price analysis steps down to $0.5114 today after bearish sentiment took charge of the market. XRP has been on a roller coaster ride as it touched highs of $0.5232 earlier today before dipping to its current levels. The resistance for XRP is present at $0.5232, and if the price breaks above this level then we can expect a further uptrend in prices.
At the same time, if XRP/USD fails to break above this level then we can expect a further decline in prices. Currently, the support for XRP/USD is present at $0.5057 and if it fails to hold then we can expect more downside pressure on XRP.
Most of the cryptocurrencies today are trading in a mixed sentiment, with some showing bullish signs while others are in a bearish mood. The top coins in the market are mostly trading in red, with only a few exceptions. It is important to note that despite today’s bearish sentiment, XRP has been steadily moving up since March.
Ripple price analysis 1-day chart: XRP shows bearish at $0.5114
Ripple price analysis on a 1-day price chart shows that XRP has been following a descending channel since yesterday. The market is currently trading near the lower boundary of this channel and if it breaks below this level, it might retest the $16.88 support level. Bears have been hindering the upwards price movement since then, and Yet, today, the bears have made a slight deficit as the price is now stuck in the $0.52 to $0.50 region, with the former being more likely at the moment.
The technical indicators are also indicating bearishness in the market as the MACD line is now below the signal line. The RSI is currently at 63.55, which means that it is still far from the oversold zone; however, if it crosses this level then we can expect further downside pressure. The moving average indicator is also trending downwards, which further strengthens the bearish sentiment. Currently, the moving average is currently at $0.5106 just below the current trading price.
Ripple price analysis 4-hour price chart: XRP sitting near the $0.5057 support level
Ripple price analysis on four-hour shows that the bulls ruled the price function most of the time for today’s trading session, yet bears caused a sudden drop in price today, after a continual bullish lead. The bearish momentum has been minimal, yet it has been able to dodge past the bullish momentum and turn the daily candlestick red for today. However, the price has been recorded to be on the increasing side during the last four hours.
The Relative Strength Index (RSI) indicator is currently at 47.38 and it is slowly moving towards the oversold region, which is a good sign for the bears. The MACD line is also gradually moving below the signal line, which means that bearish sentiment will remain strong in the near future. The Moving Average indicator is also following a downward trajectory and has been sitting just above the current price at $0.5153 for most of the trading session.
Ripple price analysis conclusion
Overall, the Ripple price analysis suggests that the bearish trend is likely to remain strong in the short term unless bulls manage to break above the $0.5232 resistance level and push the price back up. If bears are successful in breaking past this point, then we can expect a retest of the support at $0.5032. The selling pressure is up at the moment, so it is important to look out for further price action before investing.
