Ripple price analysis is on the bullish side today as it shows the price has increased further after yesterday’s bullish price action. The coin has been following a bearish trend previously, as the trend line is still downwards after 07th December. But the coin started to recover yesterday and is continuing the recovery process today as well. However, the recovery is slow and low, but at least the price movement is positive as the price has reached the $0.3882 level.
XRP/USD 1-day price chart: Price oscillations remain slow, hindering the recovery process
The 1-day price chart for Ripple price analysis shows bulls are defining the price action for today. The XRP/USD pair has been continuing upside for today after closing at $0.3766 in the previous trading session. The crypto pair is trading hands at $0.3882 at the time of writing as it has gained a value of 2.71 percent during the last 24 hours. The cryptocurrency is still at a loss of 3.14 percent if observed over the past week as the price trend line is downwards. The trading volume for the past 24 hours is recorded at $771 million and the market capitalization is $19.480 billion.
The 50-day moving average for XRP is positioned at $0.3932, while the 200-day moving average is recorded at $0.3723. The MACD indicator has also increased its signal line slope to the bullish side and is currently placed at $0.00134. Looking ahead, the relative strength index (RSI) is at 47.89 and near the oversold zone.
Ripple price analysis on 4-hour chart: Recent developments and further technical indications
The 4-hour price chart for Ripple price analysis shows the price movement has been upwards for most of the time today except for a minor correction that took place four hours back. The bulls have taken over again and have made most of the progress during the last four hours, which is a hopeful sign for the coming hours.
The 4-hour MACD indicator is showing bullish momentum and the value of 0.00055 is helping in keeping the XRP price at a higher level. A bullish crossover will take place when the MACD line crosses above the signal line, which can give further positive news for Ripple price analysis. The 50-day moving average is at $0.3766 and is providing support for the price movement, while the 20-day moving average is below the 50-day moving average and is at $0.3742. The RSI has also been increasing during the last few hours as it is trading at index 45.39.
Ripple price analysis conclusion
Ripple price analysis shows that the coin has continued upside today. However, the price oscillation is slow, and the recovery is on the lower side. The chances to retest the resistance at $0.3896 are non-existent, but a possibility can arise if the bullish momentum intensifies in the coming hours.
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Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-12-08/