The Ripple price analysis reveals the price has been trading low for the past few hours as the bears have been trying to remain in the lead. However, the bulls have not given up as they have been slowly pushing prices higher. At the time of writing, XRP is trading at $0.4756 and decreased by 0.90% in the last 24 hours.
The market has been consolidating in a very tight range for the past two days as both buyers and sellers battle for control. The upper boundary of the range is at $0.5267 while the lower boundary is at $0.4589. A breakout from this range will set the tone for the next move. The 24-hour volume stands at $4.65 million, and the total market capitalization is at $23.71 billion.
XRP/USD 1-day price chart: Bearish wave extends as price steps to $0.4756 low
The one-day Ripple price analysis confirms a downward price movement for today as the price has declined to $0.4756 after opening at $0.4833. The market has been trading inside a descending channel since the start of today’s session. The bulls had attempted to push prices above the upper boundary of the channel at around 09:00 UTC but failed. The price dipped below the support line and found interim support at $0.4711.
The price has been trading below the moving average (MA), which is present at $0.4165. The Relative Strength Index (RSI) indicator is at 58.78, which indicates that the market is oversold and might see a bounce in prices. The Bollinger Bands have been squeezed, which is a sign that the market is ready for a breakout.
Ripple price analysis: Recent developments and further technical indications
The four hours Ripple price analysis is declaring the bearish lead as the price has decreased consistently. Since the past few hours, a downward trend has been observed again as the price has moved down to the $0.4756 level. The price has decreased significantly as the bearish momentum has been intensifying for the last few days. The moving average in the four hours price chart is standing at the $0.4928 level.
The increase in volatility has changed the upper Bollinger band value to $0.5267 and the lower Bollinger band value to $0.4589, indicating high volatility on an hourly basis. The RSI is continuing its downward curve at index 66.38 on the border of the underbought zone and may soon leave the neutral zone if the selling pressure continues.
Ripple price analysis conclusion
The price experienced bearish progression today, as confirmed from the one-day and four-hour Ripple price analysis. The bears are set on track as they have been able to bring the price down to the $0.4756 level in the last 24 hours as the trend remained bearish throughout the day. It can be expected that The cryptocurrency will continue its bearish descent in the coming hours.
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Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-09-24/