Ripple price analysis shows price on the up after falling to lowest level in 3 months. XRP declined down to $0.58 over yesterday’s trade following a lengthy spell on the sidelines. A rare foray up to $0.65 was observed on May 4, 2022, which was countered by a 10 percent downtrend to take price towards $0.5 support. Over the past 24 hours, however, XRP found an uptrend to move as high as $0.61 which indicates that a bounce up to $0.8 is possible if bulls can hold price above support on the daily chart. The 24-hour trading volume rose by 1 percent along with a similar increase in XRP market capitalisation.
The larger cryptocurrency market remained in the red zone over the past 24 hours, as Bitcoin receded further down to $36,000 with an 8 percent decrement. Similarly, Ethereum dropped down to $2,700 with an 8 percent dip. Among major Altcoins, Cardano slipped 9 percent to $0.76, Dogecoin 6 percent to $0.12, and Terra 7 percent down to $79.83. Solana incurred the biggest drop in the market, slipping 12 percent down to $81.95, whereas Polkadot dropped 6 percent to move down to $14.33.
Ripple price analysis: Bullish sentiment exists above $0.63 horizontal resistance on daily chart
On the 24-hour candlestick chart for Ripple price analysis, price can be seen forming a steady climb upwards after yesterday’s 10 percent downfall. The seller pressure has eased over the past 24 hours and the horizontal resistance at $0.63 is set as the barrier for price to form a recovery. The crucial 50-day exponential moving average (EMA) is expected to be the next target for price over the next 24 hours at $0.62. Whereas the 24-hour relative strength index (RSI) is ascending upwards to indicate increasing market valuation at 36.33.
The moving average convergence divergence (MACD) curve is forming bullish highs and is set to convene with the neutral zone over the next 24 hours. Buyers will be expected to hold above the $0.5 support, whereas a move below $0.37 would open doors to a bearish phase. Over the current trend, the market is set for a steady and brief climb upwards as it sits within a state of uncertainty where buyers are unable to commit to big purchases.
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.
Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-05-06/