- Ripple price analysis shows price was subjected to a 2 percent decline over the past 24 hours
- XRP targets a $0.90 close over the weekend as current price provides buying opportunity
- 24 hours market volatility rose with trading volume dropping 28 percent
Ripple price analysis is bearish today, but acts as catalyst for an expected upturn to take price up to $0.90. Price declined over 2 percent during the last 24 hours, with trading volume dropping 28 percent and market cap dropping 2 percent. However, with news of ongoing talks between the NATO, EU and the G7, the market sentiment is expected to uplift and help push cryptocurrency prices upwards. Furthermore, the current price level for XRP takes it into the buying zone near $0.80 support where buyers are expected to come into the market.
The larger cryptocurrency market showed mixed results, as Bitcoin raced above $44,500 with a 2 percent increment, while major Altcoins remained in bloodbath. Ethereum posed an exception as it consolidated above $3,000, whereas Cardano suffered a 5 percent decline to take price down to $1.1. Dogecoin dropped 4 percent to $0.131, Terra 2 percent to $91.02, while Solana and Polkadot declined 2 percent each to sit at $98.73 and $20.74, respectively.
Ripple price analysis: Bearish divergence seen on daily chart to indicate downturn
On the 24-hour candlestick chart for Ripple price analysis, price can be seen forming a rectangular pattern with nominal decrements over the past 4 days. This has come about after price went up to $0.89 last week and met resistance at around $0.90. Over the current trend, resistance seems to be set at $0.87 which is also a pivotal level for XRP. Since November, Ripple has failed to completely progress over this zone multiple times and hence will be looking to test it once an ideal buying pattern begins. The current downtrend gives discounted entry point for potential buyers.
The crucial 25-day exponential moving average (EMA) sits just below current price at $0.82, while the relative strength index (RSI) took a turn downwards yesterday, but still presents strong market valuation at 57.27. More importantly, the moving average convergence divergence (MACD) curve shows a bearish divergence being formed on the daily chart. The signal line currently sits above the neutral zone and buyers will be hoping for to keep that way. Conversely, a drop back down to the 55-day SMA at $0.76 would be an expected outcome.
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