Ripple price analysis shows the prices are down by 14.08 percent in the last 24 hours. The selling pressure looks to persist as the general market appears to be in a consolidation mood. Prices are currently testing the support at around $0.30, which is the immediate support area. If prices close below this level, it would confirm a bearish trend in the market. At the time of writing, XRP was trading at $0.3112 and is currently has a trading volume of $2,406,792,543 in the last 24 hours according to data from CoinMarketCap.
The prices have been trading in a continuous downtrend as prices slope from the highs of $0.36 to the lows of $0.30. The market trend is currently bearish as the prices are trading below the previous support lines. A consolidation phase is underway as prices are testing the immediate support area. However, the market dominance for XRP is currently at 1.58 percent, which is a positive sign for cryptocurrency. There is a possibility that the prices may continue to fall if the general market momentum remains bearish.
XRP/USD 1-day price analysis on the daily chart: Bearish trend continues
The Ripple price analysis for the daily chart for XRP/USD shows that the prices have been on a downtrend for the past few days. Prices reached a high of $0.36 on January 10 and have been on a continuous downtrend since then. The market trend is currently bearish as the prices are trading below the previous support lines. The moving averages are also in a bearish crossover as the 50-day simple moving average has crossed below the 200-day simple moving average.
This is a bearish signal and indicates that the prices may continue to fall in the near future. The Relative Strength Index is currently at 36.65, which is in the oversold region. This indicates that the prices may witness a corrective rally in the near future. The market volatility however is low on the 1-day chart and this indicates that the market is currently in a consolidation phase as the Bollinger bands are narrow.
XRP 4-hour price analysis: Recent developments and further technical indications
Ripple price analysis shows the sell-off has intensified in today’s trading session as the prices have declined below the $0.35 support level. The bears are now targeting a break below the $0.30 support level, which is a key level to watch. The moving averages are in a bearish crossover as the 50-day simple moving average has crossed below the 200-day simple moving average.
The Relative Strength Index is currently at 34.81 and is in the oversold region. This indicates that the prices may witness a corrective rally in the near future. The market volatility however is low on the 4-hour chart and this indicates that the market is currently in a consolidation phase.
The Moving average divergence convergence indicator is currently in the bearish territory and this indicates that the prices may continue to fall in the near future. The green candle sticks on the 4-hour chart indicate that the buyers are trying to push the prices higher. However, with the increasing selling action, a further decline is expected in prices.
Ripple price analysis conclusion
Ripple price analysis shows that the market trend is currently bearish as prices are trading below the previous support levels. A consolidation phase is underway and a further decline is expected in prices if the general market conditions remain bearish. Further decline is anticipated before buyers emerge to push prices higher.
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Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-06-13/