https://ift.tt/mvwEV0P price analysis: XRP sheds 13 percent as price lowers to $0.690

TL;DR Breakdown

• Ripple price analysis is giving bearish hints today.
• Strong resistance is present at $0.717.
• Strong support for XRP is found at $0.654.

The most recent Ripple price analysis is bearish for today as it shows negative results for the buyers as the price has now receded down to $0.690 after a considerable decline in the last 24 hours. Today the price function is covering range downwards for the third day after getting rejected at $0.816.

Previously the bulls were trying to make a comeback and even rallied high on 7th and 8th February when chances arose for the XRP price to near the psychological mark of $1, but now bears have been dominating the market for the past three days, continuously degrading the price as the trend line remained downwards since 20th February as the bearish lead remains unbeatable.

XRP/USD 1-day price chart: Bears retain their supremacy over the market trends

The 1-day Ripple price analysis predicts a bearish trend for the day as the price function covered a downward movement. The bears have managed to maintain their upper position as the price is still trading on the red side. The XRP/USD is trading hands at $0.690 at the time of writing, reporting a loss of 13 percent over the last day. As the trend is downwards, the XRP/USD is also at a loss of more than 16 percent over the past week. Currently, the price is quite lower than its moving average (MA) value, i.e., $0.781.

The crossover between the SMA 50 and the SMA 20 curve is also expected, which will be another indication of the bearish supremacy. The Bollinger bands are showing high volatility for XRP, as it suggests the following values for the day; the upper Bollinger band value is now $0.92, whereas the lower Bollinger band value is $0.620. The Relative Strength Index (RSI) score has decreased over the last three days due to continuous selling pressure, as the indicator is trading at index 42 in the lower half of the neutral zone.

Ripple price analysis: Recent developments and further technical indications

The hourly Ripple price analysis shows that, despite the fact that the price is still on the lower side for the day, the bulls have made a comeback in the recent hours as the price has started to recover now after getting support at a $0.678 level. Although the previous hours were highly supportive of the bears, the current scenario is going in favor of the bulls. The situation favors the buyers at the moment, as the price moved up to the $0.690 level in the last four hours. The moving average (MA) value on the 4-hour chart is trading at the $0.738 level for now.

The volatility is increasing tremendously because of the expansion between the Bollinger bands, which hints that the bulls may continue their progress in the upcoming hours. The upper limit of the Bollinger Bands Indicator is now at the $0.859 mark representing resistance, whereas its lower limit is present at the $0.681 mark representing the strongest support. The RSI curve has just recovered from the underbought zone as the indicator is on an upwards curve currently due to the buying activity at index 32.

Ripple price analysis: Conclusion

The Ripple price analysis is still going in the bearish direction today, as the price has undergone a deficit. The RSI on the 4-hour chart also shows that the bearish pressure still weighs on the price function despite the bullish efforts emerging. The price action of XRP/USD is still under bearish shadow.

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