USD set to dip further in the next 24 hours

TL;DR Breakdown

• Ripple price analysis is giving bearish hints today.
• Strong resistance is present at $0.717.
• XRP/USD pair is trading at $0.721.

The most recent Ripple price analysis is bearish for today, with negative findings for investors as the price has dropped to $0.690 after a substantial drop over the previous 24 hours. The price function is covering range downward again today, after being rebuffed at $0.816 for the third day in a row.

At the time of writing, Ripple has lost 3.6% of its value in the last 24 hours to arrive at a price point of $0.690 as its market capitalization reaches $26,078,692,789 for the first time since 13th February.

XRP/USD 1-day price chart: Bears retain their supremacy over the market trends

When writing, XRP is looking to test support at $0.654 as it trends towards that region, with potential bullish patterns beginning to form as the price pushes lower. Ripple (XRP) was unable to maintain an uptrend throughout this month, with many traders speculating that both Bitcoin (BTC) and Ripple (XRP) are in a bear market.

XRP/USD 1-day price chart. Source: Tradingview

The crossover between the SMA 50 and the SMA 20 curves is also anticipated, proving the bearish dominance. The Bollinger bands indicate significant volatility in XRP as they suggest the following values for the day; the upper Bollinger band value has risen to $0.92, whereas the lower Bollinger band value has sunk to $0.67 – both suggesting potential volatility for the day ahead.

At this time, it isn’t easy to offer any positive predictions for XRP, given its current trajectory. With resistance points prevalent at $0.717 and $0.786, it is likely a negative day for the cryptocurrency.

Ripple 4-hour chart: Recent developments and further technical indications

The four-hour chart highlights that the outlook remains bearish for XRP given its movement over the previous few days. Its value has dropped below $0.7, which suggests further drops in the price may be on the horizon, despite it rebuffing a trend lower at this point yesterday.

XRP/USD 4-hour price chart. Source: Tradingview

The RSI is currently at 23.28, with the RSI moving back towards the support zone after failing to break through resistance at 50 in previous hours. This suggests that XRP might be ready for a slight uptrend if it manages to hold its current momentum and price levels.

The MACD line has crossed over Ripple (XRP) has seen another day of losses, with the cryptocurrency continuing its downward trajectory after dropping to $0.735 – a new 52-week low for XRP.

Ripple price analysis: Conclusion

The Ripple price analysis determining the future outlook for XRP is difficult, as it is currently still trapped within a descending trend that has been prevalent since 13th February. Ripple’s price action has tended to be reactionary of late, with volatility expected over the course of today.

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.