Ripple price analysis attempts to predict future price movements in the XRP market by analyzing past price data and identifying trends. Technical analysis is a popular method used by traders to find potential trading opportunities.
From a general perspective, the overall cryptocurrency market is bleeding. The giant coins BTC and ETH are down on the daily cryptocurrency heat map. Altcoins are also trading in significant losses in the last 24 hours. Ripple is down by 8.5 percent, and the bearish momentum is set to continue in the remaining part of the day. Stellar is also down by 7.4 percent, and Litecoin has lost over 6 percent in the last 24 hours. EOS is down by a significant 9.2 percent from its yesterday’s closing value. The remaining part of the day is expected to be bearish for all major coins as the market trend is currently highly bearish.
XRP/USD price movement in the last 24 hours: XRP/USD pair set to dip further?
The daily chart for the XRP/USD pair shows that the price is currently trading below the moving averages. The 50-day SMA ($0.66) provides immediate resistance to the coin, while the 20-day EMA ($0.65) has been crossed to the downside and is likely to act as immediate support for any further dips in price.
XRP/USD is currently trading at $0.65 after a slight dip from the daily high of $0.71. The cryptocurrency has been declining over the past few days and is now down by 8% in the last 24 hours.
Therefore, XRP/USD is likely to dip further in the next few hours, and it could test the $0.60 support level. Below this level, the next major support is located at $0.50.
XRP/USD 4-hour chart: Recent price developments
As seen on the 4-hour chart, the XRP/USD pair has formed a descending triangle pattern. The pattern is typically considered bearish, and a breakdown below the triangle’s lower trendline could see XRP/USD head towards $0.55.
The MACD indicator is currently in bearish territory, and the RSI indicator is also heading lower. This suggests that there is more downside potential in the near term.
The RSI is currently in oversold territory, suggesting that the sell-off may be overdone in the short term. However, the MACD is still bearish, and a break below $0.70 could see the price tumble towards $0.50 in the short term.
XRP/USD saw a steady decline overnight, bringing it to test support at $0.70. A break below this level could see the price tumble towards $0.50 in the short-term
Ripple price analysis is bearish today, with XRP/USD seeing a steady decline overnight. The price is currently testing support at $0.70, and a break below this level could see the price tumble towards $0.50.
Ripple price analysis: Conclusion
Ripple price analysis is bearish on the daily time range however, on the 4-hour time range, a descending triangle pattern has been formed which is typically bearish. The MACD indicator is currently in bearish territory, and the RSI is also heading lower. This suggests that there is more downside potential in the near-term.
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