The Ripple price analysis reveals the price function is oscillating in the $0.310 to 0.333 range and is unable to break above the resistance present at the $0.342 mark. Bears had already rejected upside at $0.336 when bulls tried to overcome the said resistance during the current trading session, and as a consequence, the price function is again on the declining route for the last 12 hours. As the overall cryptocurrency market has also turned bearish in the morning and has followed the downtrend for the entire day, a further decrease in price value is also expected in the coming hours. The bigger cryptocurrencies like Bitcoin and Ethereum are also in correction for the last few hours.
XRP/USD 1-day price chart: Bears overtake after the bullish opening
The one-day Ripple price analysis shows the price is still on the greener side, as a slight increase in XRP/USD value is indicated by the green candlestick still present on the 1-day chart. The bullish momentum was just gaining its stability as the bulls were trying to retain their lead. But the bullish trend is now being hit by an opposing attack by the bears, as the price has been declining for the last 12 hours and has reached the $0.320 level, and the coin has lost 16.15 percent value during the past week. The moving average (MA) value is still standing at $0.343 above the current price.
Overall, the bears have been leading the market for the past week, and now their position has been restored again. The Bollinger Bands Indicator is showing a change of values as well, as now the upper band is touching the $0.447 mark due to the increase in volatility as it represents the strongest resistance for XRP, and the lower band is at the $0.303 mark representing support for XRP. The Relative Strength Index (RSI) score is in the neutral zone, i.e., 33, and the curve is still upward on the daily chart.
Ripple price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows the price has been decreasing for the past 12 hours after the bullish recovery observed earlier during the night, which continued for eight hours consecutively. The market received a bearish shock, as the bears have taken over again, and selling activity is on the rise again as the price is on a decreasing trend due to the selling pressure. The price is now touching the $0.320 level, which is still higher than its moving average value, i.e., $0.319, but the price may fall below the MA.
The increase in volatility suggests that the approaching hours might bring a negative impact on the coin value. The upper and lower Bollinger bands have thus repositioned as well, as now the upper band is standing at the $0.338 mark, whereas the lower band is at the $0.301 mark. The RSI curve has again descended to index 46 in the past 12 hours, indicating the selling activity in the market.
As the larger trend is bearish, so the technical indicators available for Ripple price analysis are also giving selling signals. To sum them up, out of a total of 26 technical indicators, 14 indicators are giving sell signals, and only three indicators are giving buy signals, whereas the remaining nine indicators stand neutral.
Ripple price analysis: Conclusion
The Ripple price analysis shows the bullish recovery is slowly fading away as bears are struggling for the lead again. The overall trend is bearish; and XRP price might continue to go downside in the approaching hours, and the cryptocurrency can be expected to close near $0.310.
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-2022-06-17/