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Ripple price analysis: XRP/USD bearish for the 24 hours

Ripple price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish for the next 24 hours.
  • XRP/USD is currently trading at $0.7358.
  • RSI is indicator is at 46.

Ripple price analysis is a bearish trend right now, with the price having dropped as low as $0.727 in the last 24 hours. The price fell over 4% during the day’s trade, with trading volume and market capitalization sinking proportionately as well. XRP has been unable to test the resistance level at $0.86, which it first reached this morning. However, there may still be a chance for a rebound from the current levels, as long as the support at $0.727 is not breached.

Ripple price movement in the last 24 hours: XRP market valuation dips steeply

The next support level for XRP is at $0.727 but it is also likely that the cryptocurrency could slip further to $0.708 and $0.694 in the next 24 hours. The RSI indicator is currently at 46, which suggests that there is still some room for the price to fall. However, if the bulls can gain control over the market, we may see a rebound to the resistance level at $0.86.

The cryptocurrency market is in a bearish trend at the moment, with most coins seeing a decline in their prices over the last 24 hours. Ripple (XRP) is no exception, having fallen by 4% during the day’s trade. XRP is currently trading at $0.7358, with a market capitalization of $27.5 billion. The trading volume for the day stands at $1.6 billion.

Ripples value against the dollar has fallen by 4 percent in the last day while other major cryptocurrencies have seen moderate gains. The combined market cap of all digital coins is now at $186 billion, with bitcoin representing just over half of that at $101 billion.

Ripple price analysis: XRP/USD bearish for the 24 hours 1
Ripple price analysis: 24-hour chart. Source: Trading View

Ripple price analysis: Technicals are bearish for XRP

However, there may still be a chance for a rebound from the current levels, as long as the support at $0.727 in Ripple price may be a buying opportunity.

Ripple price analysis: XRP/USD bearish for the 24 hours 2
Ripple price analysis 4-hour chart. Source: Trading View

The XRP price decline over the past day could be seen as a buying opportunity by some investors, especially if the $0.727 support level is not breached. The overall market trend is still bullish, so it is possible that XRP will continue to increase in value over time.

The Relative Strength Index (RSI) is currently at 46, which suggests that the market is still in a bearish trend. The DMI shows that the bears are in control of the market, with the ADX line indicating that the selling pressure is intensifying. Directional Movement Index (DMI) tagged Withagged With Ripple Price Analysis, XRP/USD, $0.7358, RSI, 46, bearish trend, support level at $0.727, buying opportunity

The Moving Average Convergence Divergence (MACD) is currently in a bearish trend and may continue to decline in the next 24 hours. The price tagged With Ripple Price Analysis, XRP/USD, $0.7358, RSI, 46, bearish trend, support level at $0.727, buying opportunity

Ripple price analysis: Conclussion

The ADX line is at 30, which suggests that the market is starting to become more volatile. The RSI and DMI indicators both suggest that there is still some selling pressure in the market, so it may be wise to wait for a better buying opportunity before investing in Ripple.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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