Ripple price analysis shows that the market is bearish in the short term. The XRP/USD pair is currently trading at $0.4443 and is facing resistance at $0.4743, however, a break above this level could see XRP/USD target the $0.4783 resistance. On the downside, support for XRP/USD is present at $0.4395, and a break below this level could see the pair target the $0.4350 support. The market took a sharp turn lower over the past few hours as bears managed to push the price below the $0.44 mark.
The digital asset is currently range-bound between the $0.4395 and $0.4743 levels and is likely to remain so for the next few hours. The 24-hour trading volume has slightly increased over the past few hours and is currently at $1.38 Billion. The total market capitalization of the asset is currently at $22 billion, which is slightly higher than its previous close.
Ripple price analysis on a 24-hour price chart: Bears in control as prices dip below
The 1-day Ripple price analysis report confirms a bearish price movement for today, as the price has decreased up to $0.4443. The decrease in price value is substantial as the coin lost 2.70 percent value during the last 24 hours, and the cryptocurrency also shows a huge loss of 5.33 percent over the past week as the bears have been in the driving seat. The price has been experiencing a fall for the past few weeks, with bullish interruptions as well.
The upper limit of the Bollinger band is at $0.4743, which is well above the current market price, indicating that prices could continue to fall in the short term, whereas the lower Bollinger band value moved down to $0.4395. The RSI indicator is currently at 64.30 and showing no signs of a bullish reversal, indicating that the market could remain bearish for the next few hours. The MACD indicator is currently well below the signal line, indicating that prices could continue to fall in the short term.
Ripple price analysis: Recent developments and further technical indications
The 4-hours Ripple price analysis is declaring the bearish supremacy as the price has been covering a range downwards from the start of the trading session and even in the last four hours, after getting a breakout downwards today. In the past few hours, a downward trend has been observed as the price has moved down to the $0.4443 level. The price has dropped significantly as the bears are gaining strength.
In the 4-hour price chart, technical indicators are currently pointing to a bearish market as the MACD indicator is indicating a strong bearish move, and the RSI indicator is currently at 48 levels. The Bollinger bands are currently close to each other, which is a sign of low market volatility. Therefore, we can expect the market to remain bearish over the next few hours as it could target the $0.47 mark.
Ripple price analysis conclusion
Ripple price analysis is bearish in the short term as the market has slipped below the $0.44 level. The market may test the $0.45 level in the near term if the bears mount further pressure. Price analysis of Ripple shows that XRP/USD is currently in a bearish trend as it slides to $0.4443. The technical indicator analysis is also bearish in the short term as all indicators are pointing towards a further downside.
Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-10-03/