Ripple price analysis: Bearish swing results in price correcting down to $0.766
https://ift.tt/5omnzVA
TL;DR Breakdown
- Ripple price analysis is bearish today.
- Strong resistance is present at $0.781.
- Strong support for XRP is found at $0.722.
The latest Ripple price analysis confirms that a bearish trend has been dominating the charts for the past few days. A decrease in price levels has been observed in the last 24 hours as well, which is quite discouraging for the buyers. The price has been corrected down to the $0.766 level, as the bearish momentum has returned after two days of bullish activity. Although the price has experienced a downfall recently, but earlier this week, the coin has gained sufficient value.
XRP/USD 1-day price chart: Bearish pressure takes the price beyond $0.767 fence
The one-day Ripple price analysis dictates that a decrease in price has taken place in the last 24 hours. The circumstances have been going favorable for the bulls for the past week. But the last few days of this week have seen a fluctuation in price movements, as well as the bears were struggling to regain their position. Today’s trend, however, has been extremely supportive for the sellers as the price has decreased up to the $0.766 level.
The moving average (MA) value in the one-day price chart is at the $0.754 level. Whereas the Bollinger bands average is maintained at $0.777, the upper Bollinger band is touching $0.851 point, representing the strongest resistance, and the lower Bollinger band is touching $0.693 point, representing the strongest support. The Relative Strength Index (RSI) score has slightly decreased up to index 48, but the downwards curve is not steep.
Ripple price analysis: Recent developments and further technical indications
The four hours Ripple price analysis is showings signs of a bearish trend as well, as the price has dropped down to a significant level. The reversal in trends was quite unexpected, as the bulls were leading the price chart earlier. Nonetheless, a downward trend has been observed in the last four hours. However, the price action is following a pattern of high low movements if observed over the 40 hours, and now the price has moved down to the $0.766 level. The price has gone below the moving average value, i.e., $0.769, as a result of the bearish trend.
The volatility is comparatively mild on the 4-hour chart as the Bollinger bands are covering less area and dont show any considerable change in their movement. The upper Bollinger band value for the four hours price chart is at $0.790, whereas the lower Bollinger band value is at $0.738. The RSI score is in the neutral zone, as it shows the figure of 51 just above the centerline of th neutral zone.
The bearish trend has been quite dominating in the last few months, and the bearish pressure still weighs on the price action. This is why the technical indicators for XRP/USD are still giving out negative signals. There are three indicators present on the buying side, nine indicators are on the neutral side, and 14 indicators are on the selling side. It can be noted that the majority of the technical indicators support the bearish side.
Ripple price analysis: Conclusion
The one-day and four hours Ripple price analysis shows that the market has followed a downward trend for the day. The price has decreased to an extent and is now touching the $0.766 mark. On the other hand, a drop in XRP/USD price was detected in the last four hours as well, which means that the approaching hours might bring loss. However, if the market sentiment changes, then a reversal in trend can also be expected as the loss is on the lower side up till now, and the RSI curve is also mild.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Cryptocurrency
