Ripple price analysis has turned bearish once again, as price dropped over 2 percent during the day’s trade. The downtrend ended a promising spell over the weekend that took XRP as high as $0.47 on May 13, 2022. Currently, price is hovering just above support at $0.33 and bulls will need to keep price afloat this point to prevent further decline. On the upside, a move up to $0.55 and $0.68 could also be on the cards if buyers come into the market at discounted prices. However, a 27 percent rise in trading volume was observed during the day, which coupled with decreasing price exhibits a seller dominated market for XRP at current trend.
The larger cryptocurrency market also turned bearish during the day’s trade, as Bitcoin dropped below the coveted $30,000 mark once again with a minor decline. Ethereum shipped almost 3 percent but stayed just above $2,000. Meanwhile major Altcoins also showed receding prices. Cardano dropped down to $0.57, while Dogecoin receded 3 percent to sit at $0.08. Tron moved down to $0.07 with a 2 percent dip, while Polkadot lost over 5 percent in price to sit at $10.76. Solana posted the only upward reading among leading Altcoins, rising 1 percent to $55.20.
Ripple price analysis: XRP oscillating closer to $0.33 support on daily chart
On the 24-hour candlestick chart for Ripple price analysis, price can be seen forming a swift downturn once again after initially finding an uptrend following last week’s crash. At current trend, price is hovering above the support zone at $0.33 and is expected to be kept above this point. However, major technical indicators suggest a jump further up towards resistance at $0.55 will be unlikely over the next 24 hours. The relative strength index (RSI) continues to stagnate along an oversold value of 31.72 and while trading volume rose more than 27 percent over the last 24 hours, the market valuation for XRP remains low.
Price also sits below the crucial 50-day exponential moving average at $0.45, and any movement upwards will be characterised at this point. In addition, the moving average convergence divergence (MACD) curve continues to sit below the neutral zone and is forming lower highs currently, another bearish indication. Overall, XRP price prediction remains bearish and while an uptrend had been found till yesterday, traders are expected to lose patience if price does not provide substantial consolidation upwards which will trigger impending sell offs.
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Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-05-16/