Ripple price analysis indicates the bulls are still holding the prices above the $0.30 mark. Amid the general market crash, Ripple‘s XRP has managed to find a place to stabilize around the $0.30 level. The market seems to be in a consolidation phase with prices ranging between $0.30 and $0.40.A breakout above the $0.40 level is needed for bulls to gain momentum and push prices towards the $0.50 psychological level. On the downside, a break below the $0.30 level could see prices retesting support at the $0.25 level.
Ripple price analysis on a daily chart: bearish trend line forms with resistance at around $0.35
The XRP/USD pair is currently showing signs of weakness after failing to break out above the $0.40 level. The daily chart shows that prices are now trading below the 200-day moving average which is a bearish sign. Prices have also formed a bearish trend line with resistance at around $0.35. This suggests that the current downtrend could continue in the near term.
XRP trading volume is $1,584,456,590.11 as the price exchange hands at $0.3012 after making lower lows at $0.2968 and higher highs at $0.3075 in the last 24 hours. The current market capitalization of the coin is $14.5 billion as prices record a decline of 4.66 percent.
Prices seem to be in a consolidation state before the next move. The Relative Strength Index (RSI) on the daily chart is at 41.50 and signals a sell. The MACD indicator is in the bearish zone as the signal line crosses below the histogram.
The Moving averages on the 1-day chart are flattening as the market indecision increases. The 200 SMA is providing support at $0.29 while the 50 SMA is at around $0.30.The market volatility is high as indicated by the widening Bollinger bands. The lower band is at $0.29 while the upper band is at $0.31.
Ripple price analysis: Recent developments and further technical indications
Ripple price analysis indicates ripple prices are likely to continue to fall in the near term as technical indicators point to further weakness. However, the bulls could find support at around the $0.25 level which is a key support level. On the upside, a break above the $0.40 level is needed for prices to resume the uptrend.
Ripple’s XRP token has been one of the few tokens that have managed to hold its value during the recent market crash. However, prices are still down by around 50 percent from the all-time high. The Ripple price is currently holding around the $0.30 level as it continues to trade sideways in a consolidation phase. The market seems to be indecisive at the moment as it awaits the next move.
Prices are currently trading below the 200-day moving average which is a bearish sign. Prices have also formed a bearish trend line with resistance at around $0.35. This suggests that the current downtrend could continue in the near term.
The MACD indicator is in the bearish zone as the signal line crosses below the histogram. The RSI is currently at 41.50 and is signaling a sell. The moving averages on the 1-day chart are flattening as the market indecision increases. The 200 SMA is providing support at $0.29 while the 50 SMA is at around $0.30.The Bollinger bands are seen to be bulging out which indicates increased market volatility.
Ripple price analysis conclusion
Ripple price analysis shows the prices will be in the current state of around $0.300 before a major move. However, a bullish move could be seen if prices manage to break out and sustain the bearish winds and push prices above the $0.40 level.
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Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-06-15/