Ripple price analysis: XRP continues decline past $0.78 support, is a breakout coming?

TL;DR Breakdown

• Ripple price analysis shows bearish signs coupled with a 4 percent decline in price
• Next upturn could rally up to $0.89 if price can consolidate above $0.81 demand zone
• 24-hour market cap fell 4 percent with a minor increase in trading volume

Ripple price analysis continues to show bearish signs, as price fell another 4 percent to move as low as $0.75. The previous support at $0.78 was breached earlier in the day and the downtrend could take price further towards the next support at $0.70. However, the current downtrend could offer a prime entrance point for investors at lower price, where profit taking could be expected near the $0.81 demand zone. If XRP can withstand selling pressure, bulls will also eye an upturn towards $0.89.

The larger cryptocurrency market showed dismal readings across the board, as Bitcoin dropped down to $42,000 with a 3 percent decline. Ethereum followed suit with a 1 percent decrement, taking price to $3,200. Among leading Altcoins, Cardano and Terra suffered significant declines worth 6 and 8 percent, respectively, whereas Dogecoin moved 3 percent lower to $0.14. Solana also suffered a 7 percent downfall to take price below $110, while Polkadot dropped 4 percent to $19.5.

Ripple price analysis: XRP falls further below crucial moving averages on daily chart

On the 24-hour candlestick chart for Ripple price analysis, price can be seen continuing the decline initiated on April 6 and moving below $0.78 support to unlock fears of a further downfall towards $0.65. While there is also hope the current downtrend would instigate an upturn to take price back above the $0.81 demand zone, major technical indicators present a different outlook.

The market valuation for XRP is on a steep decline, with the relative strength index (RSI) set at 41.26 and trending downwards. Furthermore, price continues to move further away from the crucial 25-day exponential moving average (EMA) at $0.79, which will be set as the next target for XRP. The moving average convergence divergence (MACD) also continues to look downwards along a bearish divergence initiated at the end of March.

At current outlook, even though an upturn could be on the cards as XRP provides a discounted entry point for investors, the deteriorating situation with EU and Russia would mean that any movement upwards could be short lived. Buyers are expected to remain on the fence at current trade, and not push price significantly past $0.75 support.

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