TL;DR Breakdown
Ripple price analysis shows price continuing to test $0.8 demand zoneYesterday’s 10 percent push wiped off as bears takeoverXRP set to find lows before forming solidity for an upturn next week
Ripple price analysis shows bearish signs once again, as price took a downward turn after yesterday’s 10 percent rise. XRP price has been subject to a number of external factors, with the foremost affect coming from Russia’s continued wage of war on Ukraine. It could be hoped that XRP moves up to $0.85 over the next 15 days if the situation improves. Conversely, a downward settlement around $0.65 is a distinct possibility.
In positive news, XRP has been buoyed by news that the Ripple Foundation will claim that the SEC had not informed that there could be potential violation of the U.S. law by XRP. Yesterday’s 10 percent upturn was also accounted to the news.
The larger cryptocurrency market showed mixed returns across the board, coupled with slight declines and small upturns. Bitcoin moved up to $39,000 and looks to build from there, while Ethereum moved down, staying just above $2,500. Among Altcoins, Cardano moved up to $0.81, Litecoin up to $105.75, and Terra up to $89.54. Meanwhile Polkadot and Solana moved down 3 percent each to move down to $18.00 and $80.89, respectively.
Ripple price analysis: Cryptocurrency heat map. Source: Coin360
Ripple price analysis: XRP may find upturn after moving below $0.75 support
On the 24-hour candlestick chart for Ripple price analysis, price can be seen forming bearish highs after moving below $0.75 support. The movement comes only a day after XRP pushed as high as $0.848 and looked to be heading towards the $0.9 resistance. However, rejection at the 200-day simple moving average (SMA) disrupted the bullish run and enabled sellers to take hold of the market. While price has depreciated over 12 percent over the last 48 hours, XRP may be able to re-consolidate after falling below $0.75 support. The relative strength index (RSI) in this respect forms a favourable technical indicator, showing strong market valuation for XRP at 51.21.
Ripple price analysis: 24-hour chart. Source: Trading View
Price also sits on the cusp of the crucial 50-day exponential moving average (EMA) which is expected to be the bottom borderline. Furthermore, the moving average convergence divergence (MACD) has managed to keep the bullish crossover made on March 11, and sits above the neutral zone. Over the next 24 hours, Ripple price analysis is not expected to change drastically, as it provides a favourable opportunity for buyers to come into the market at a discounted price where the ultimate goal is to consolidate till the $0.90 mark.
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