The Ripple price analysis is bearish today, with bears taking hold over the price of XRP. The current support for Ripple is present at $0.3741, and the resistance can be found at $0.3901. At press time, XRP is trading close to its immediate support level at $0.3775 while trying to stay afloat in a bearish market situation.
The selling pressure is increasing on cryptocurrency, and it looks difficult for Ripple to break out of this bearish market. However, the previous day’s buying momentum was strong enough to push the price above the $0.3800 mark, but it was not able to sustain itself for long.
The 24-trading volume of XRP is $816 million, which is below the average daily volume. As per analysts, the market cap of Ripple is likely to remain relatively stable in the short term. Currently, the market cap of Ripple is $19 billion, and the circulating supply of XRP tokens is 50 billion.
XRP/USD 1-day price chart: Price goes down below $0.3900
The 1-day price chart for Ripple price analysis shows the price has stepped down again. The coin is trading hands at $0.3775 at the time of writing. But as the price function was steeply upward for the past few days, the coin still reports a decrease in price value by 3.03 percent over the last 24 hours. The relative strength index indicates that the coin is in a bearish zone, and further price decline can be expected.
The volatility in the XRP market is also low, and there is no major sign of a reversal. The upper Bolinger band is at $0.40601, and the lower band is at $0.3699, which shows that the price may remain confined to this range in the near future. The moving average is currently at $0.3894, which means that the bulls need to take charge and push the price up if they want to break this bearish trend.
Ripple price analysis: Recent developments and further technical indications
The 4-hour chart for Ripple price analysis confirms the bearish trend as the price function is headed straight downwards from the start of the trading session today. A significant decline in price value has been observed today as no support has yet appeared for XRP, and a further decrease in price is also expected.
The Bollinger bands are covering more area on the 4-hour chart indicating low volatility for XRP, with the upper limit of the Bollinger Bands Indicator now reaching the $0.399 mark, and the lower band has reached the $0.3736 mark. The RSI curve is also headed down as it has come down to an index of 33.20 due to the overwhelming selling activity in the market today. The moving average is currently trading at the $0.3809 level below the price level.
Ripple price analysis conclusion
In conclusion, the Ripple price analysis is bearish today with no signs of a reversal in the near future. The selling pressure is increasing and the price of XRP has been steadily decreasing. The technical indicators also suggest that a further decline in price can be expected, as volatility remains low and buying activity is currently weak.
Source: https://www.cryptopolitan.com/ripple-price-analysis-2023-02-25/