TL;DR Breakdown
Ripple price analysis shows price declined more than 4 percent over 24 hoursPrice unable to test $0.86 resistance after initially launching as high as $0.805Trading volume and XRP market cap also dropped during the day’s trade
Ripple price analysis is bearish today, with the token having fell as low as $0.727 over the past 24 hours. Price lowered more than 4 percent during the day’s trade, with trading volume and market capitalisation also decreasing the same. XRP has been unable to test the resistance zone at $0.86 after initial expectation that the uptrend on March 1 would jump up to $0.90. However, Ripple has been able to maintain support at $0.70 and continues to float above the buying demand zone. Price will have to decrease further before an upturn can be found and till then the bearish signs are set to continue.
The larger cryptocurrency market also showed similar signals, with Bitcoin declining more than 5 percent down to $41,500. Ethereum shipped 7 percent to move down to $2,700, while Altcoins also struggled to maintain or move upwards. Dogecoin dropped 5 percent to $0.125, whereas Cardano moved 6 percent lower to $0.878. Meanwhile Solana and Polkadot dropped 7 and 5 percent each, respectively.
Ripple price analysis: Cryptocurrency heat map. Source: Coin360
Ripple price analysis: XRP market valuation dips steeply on daily chart
On the 24-hour candlestick chart for Ripple price analysis, in addition to price facing a distinct decline since March 1, the token’s market valuation can also be seen to have taken a hit. The 24-hour relative strength index (RSI) sits at 47.91 currently and continues to move lower, indicating declining buyer impetus in the market for XRP. Trading volume is also decreasing, indicating weakness in setting up a potential upturn. The moving average convergence divergence (MACD) was close to forming a bullish crossover by yesterday’s trade, but has fallen further apart from the neutral zone over today’s price action.
Ripple price analysis: 24-hour chart. Source: Trading View
Price currently sits on the cusp of the crucial 25-day exponential moving average (EMA) at $0.75 and needs to consolidate further from this point. Long periods of consolidation may lead to a breakout for which buyers need to remain into the market. XRP support sits at $0.70 and in a scenario where price ships further below this point, support will be found at $0.56.
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