Ripple price analysis reveals that XRP/USD is currently in a bearish trend after a brief period of price consolidation. The crypto asset has lost over 11.05% in the last 24 hours and is currently trading at $0.4121. Support for the coin is at $0.4107 while the strongest resistance lies at $0.4757. The market cap of Ripple stands at $21 billion, and the 24-hour trading volume is recorded to be $2.69 billion.
The XRP/USD pair started the week on a positive note as the market opened at $0.4643 on Monday. The day’s trading was mostly positive as the bulls pushed for higher prices. However, the bears took over in the last few hours of trading, and the price dipped below the $0.47 level.
XRP/USD 1-day price analysis: Ripple consolidates around $7.37
The daily Ripple price analysis reveals that the market volatility is following a decreasing direction. This means that XRP/USD prices subject to fluctuations will fluctuate in the same direction as volatility; less volatility means less probability of the price shifting to either extreme. The upper limit of Bollinger’s band exists at $0.500 while the lower limit is at $0.4269.
XRP/USD 1-day price chart, source: TradingView
The Relative Strength Strength Index Index (RSI) is currently at 50.15, which indicates that the market is in the oversold region. This means that there is a higher probability of prices rising as the sellers have exhausted themselves. The MACD shows a bearish crossover as the signal line has moved below the histogram. This indicates that the market momentum is shifting from bullish to bearish.
Ripple price analysis on a 4-hour price chart: XRP/USD support is present at $0.4107
The 4-hour Ripple price analysis reveals that the market has been on a downtrend since the beginning of today. The support on a 4-hour time frame is present at $0.4107 and breaking below this level could result in a further decline in prices. The Bollinger band is squeezed, which indicates that the market is preparing for a breakout.
XRP/USD 4-hour price chart, source: TradingView
The digital asset is trading below the moving average convergence divergence (MACD) line, which indicates that the market is in a bearish phase. The RSI for the XRP/USD pair is at 39.80 , and is currently in a bearish trend. This means that there is a higher probability of prices rising as the sellers have exhausted themselves.
Ripple price analysis conclusion
Ripple price analysis reveals that the market is currently in a bearish trend on a 24-hour timeframe and on a 4-hour chart. The market volatility is also decreasing, which indicates that prices are subject to fewer fluctuations The market indicators are pointing to further downside momentum in the near term as the bearish winds continue to blow. Investors remain cautious about the current economic conditions. Prices will continue falling if the selling pressure persists.
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