- Ripple price analysis shows price continuing to decline
- Descending triangle deepens as price heads towards $0.5
- 24-hour trading volume dropped 18 percent to signal bearish market trend
Ripple price continues to show an extremely bearish outlook, as price deepens towards the lowest point since 22 February, 2022. The descending triangle pattern deepened to approach $0.5 with price dropping as low as $0.63 over the past 24 hours. The resistance at current trend lies around $0.93, while support sits at $0.6. Beyond this point, price will bring the $0.5 mark into play where buyers are expected to provide some impetus to push price upwards. The 24-hour trading volume showed an 18 percent decline, further exhibiting the bearish market valuation for XRP.
The larger cryptocurrency market picked up some momentum converse to Ripple’s price movement, as Bitcoin gained ground on the $40,000 mark. Ethereum also rose 2 percent to move into touching distance of the $3,000 point, while major Altcoins recorded minor increments. Cardano rose 1 percent to move up to $0.84, while Dogecoin recorded a 2 percent dip to move down to $0.13. Solana and Terra recorded minor decrements, while Polkadot moved up to $17 with a slight increment.
Ripple price analysis: XRP posts lower lows on daily chart
On the 24-hour candlestick chart for Ripple price analysis, price can be seen posting lower lows on consecutive days since April 20, 2022. The descending triangle extended over the past 24 hours to take price as low as $0.63. The crucial 50-day exponential moving average (EMA) sits at $0.68, which is expected to be the next price target if bulls can consolidate momentum upwards. The relative strength index (RSI) moved well into the oversold region at 31.47, further exhibiting the bearish market valuation for XRP.
The moving average convergence divergence (MACD) moved further away from the neutral zone, forming bearish highs on successive days since the downtrend initiated on April 22. The expectation over the next 24-48 hours is for price to pick up as bears push downwards to the $0.5 mark. A high of $0.7 could also be achieved if bulls can keep the current range intact and now allow another low to form.
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