Ripple price analysis shows that XRP prices have been on a rocky ride over the past few hours, with prices swinging between gains and losses. However, the overall trend remains bearish, and prices have now broken below key rejection levels. The XRP/USD pair is currently trading at around $0.388, after falling in a steep correction … Read more
Ripple price analysis shows that XRP prices have been on a rocky ride over the past few hours, with prices swinging between gains and losses. However, the overall trend remains bearish, and prices have now broken below key rejection levels. The XRP/USD pair is currently trading at around $0.388, after falling in a steep correction from highs of over $0.405.
The correction has been swift and sharp, with prices falling by over 0.21 percent from highs of $0.405. However, the corrective move may not be over yet, as the XRP/USD pair remains at risk of further losses in the near term. The current support is at the $0.3809 level. If prices break below this level, the next key support level to watch out for is $0.38.
Ripple price movement in the last 24 hours: Bearish engulfing candlestick pattern
The Ripple price analysis indicates the prices have followed a declining market trend as more selling pressure is seen in the market. The prices have been trading between a range of $0.3809 and $0.405 in the past 24 hours. The XRP/USD pair has formed a bearish engulfing candlestick pattern on the 1-day chart, which is a bearish signal.
The technical indicators signal a continuation of the bearish trend as the RSI indicator is above the 52.18 level and heading towards oversold conditions. The sell-off from the highs has taken XRP prices below the key support level at $0.3807 and also below the 20-day moving average (MA) at $0.3939. The 20-day moving average (MA) and the 50-day MA are trending southward, which is a sign that the bears are in control of the market. The Bollinger bands have also widened, which is an indication of high volatility in the market.
Ripple price analysis on a 4-hour price chart: XRP prices remain at risk of further losses
The 4-hour Ripple price analysis chart shows a descending channel as the price is trading inside the descending channel. The descending channel is a bearish pattern and has been formed as the price action has made lower highs and lower lows over the last few hours. The XRP/USD pair is currently trading close to the lower boundary of the descending channel, which is likely to act as a strong resistance.
The upper Bollinger band is at $0.405, which is act as stiff resistance for XRP prices. The lower boundary of the Bollinger band is at $0.3809, which is likely to act as strong support for XRP prices in the near term. The Relative Strength Index (RSI) indicator is at 58.61 and is currently above the 50 level, which is a sign that the market is in bearish territory. The 20 MA is at $0.3897, and the 50 MA is at $0.39, which is a sign that the market is in bearish territory.
Ripple price analysis conclusion
Ripple price analysis shows a bearish market sentiment formed later today of the market as bears continue to dominate the market. The technical indicators are also indicating a bearish market and further price decline is expected in the near term. However, the Bulls might make an attempt to take control of the market if they manage to push prices above $0.405.