https://ift.tt/KaMh4uI price analysis: XRP faces strong resistance at $778 as it corrects after rallying high

TL;DR Breakdown

• Ripple price analysis is giving bearish hints today.
• Strong resistance is present at $0.778.
• Strong support for XRP is found at $0.749.

The Ripple price analysis shows a price decline today. XRP/USD price has come down to $o.763 at the time of writing. After rallying towards $0.771, selling pressure has built up in the market, and the coin has started the correction. Overall the XRP/USD pair is on a slight downtrend after peaking at $0.874 on 8th February, along with bullish intervals in between. Bulls even rallied high yesterday, but the trend changed today, and now the bears are again trying to hold the market.

XRP/USD 1-day price chart: XRP goes into the correction phase

The 1-day Ripple price analysis reveals a drop in price level, as the value of cryptocurrency dropped slightly today. After spiking high yesterday, XRP seems to be retracing as the price reached near the resistance of $0.788. XRP/USD is still on the positive side of the equation as it still reports an 8.13 percent value gain for the past 24 hours. However, the crypto pair is at a loss of 5.33 percent over the span of the last seven days, as the overall trendline is still slightly downwards.

The volatility is comparatively high, with Bollinger bands showing the upper band at $0.896 representing the strongest resistance and the lower band at $0.681 representing the strongest support. The average of Bollinger bands is at the $0.788 mark above the price level. The moving average (MA), being an important indicator, is at $0.747 below the price level. The relative strength index (RSI) is at a score of 51, still on the neutral side but moving on a slight downward slope.

Ripple price analysis: Recent developments and further technical indications

The 4-hour price chart for Ripple price analysis shows a red candlestick getting larger with the time on the chart, as the selling pressure has formed for XRP. After the bullish activity of yesterday and even an upwards price breakout of today, bears have successfully turned the tables and are decreasing the price down. As the XRP/USD pair price declines, the next support that bulls can hold on to is at $0.749, followed by another strong support of $0.721.

The volatility is increasing during the current hours as Bollinger bands are diverging. The Bollinger band ends are expanding with the top band at the $0.783 mark and the lower band at the $0.627 mark, making an average at the $0.705 mark. The price is still trading near the upper band. The moving average is at the $0.727 mark. Both the averages are below the price level in the 4-hours chart.

The relative strength index (RSI) is at a score of 60, and the curve is steeply downwards. However, the score of the indicator is still on the higher neutral side.

Ripple price analysis: Conclusion

The 1-day and 4-hours Ripple price analysis shows a downward price movement. The selling pressure has returned in the market as XRP retraces back to $0.763. After the decline in price recorded today, there is still ample chance of price reversal as there is enough room for bulls to take the price up again.

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