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Ripple price analysis: Bears take control of the XRP/USD market as the prices drop below $0.40

Ripple Price analysis 2022 06 05

TL;DR Breakdown

  • Ripple price analysis shows a bearish trend
  • XRP/USD found support at $030.
  • Resistance is at $0.45.

Ripple price analysis shows a bearish trend. Ripple price has been in a downtrend since early April. Price action has recently taken out key support levels, indicating that the sell-off may continue in the near term. XRP/USD daily chart the daily chart, we can see that prices have been in a steady downtrend since early April. The sell-off intensified in late May, with prices losing over 30% of their value in just a few days. The recent decline has taken out key support levels at $0.35 and $0.30, indicating that the sell-off may continue in the near term.

There is short-term support for XRP prices at $0.35, but a break below this level could see prices retest support at $0.30.Ripple price analysis shows that the current trend is bearish and that prices may continue to decline in the near term.

Ripple price analysis on a daily chart: XRP/USD in a bad sabbath as the price dip further

Ripple’s price analysis indicates that yesterday’s trading session saw the prices trading in a bullish trend. Nonetheless, the prices have given up all of these gains and are trading in a bearish trend. The bears have been able to push the prices below the $0.37 support level, which has been holding strong for several hours. The demand is very low at this point as the market is oversold.

Ripple price analysis
Ripple price analysis: 24-hour chart. Source: Trading View

The next support level is $0.35, and a break below this level could see prices retesting support at $0.30. On the upside, resistance is found at $0.45, and a breakout above this level is needed for the bulls to make a comeback. Ripple price analysis: XRP prices continue to decline as the bears take control of Ripple price analysis shows that the sell-off has continued in today’s trading session as the bears take control of the market. The prices have declined below the $0.35 support level and are now testing support at $0.30. A break below this level could see prices retesting support at $0.28. On the upside, resistance is found at $0.45, and a breakout above this level is needed for the bulls to make a comeback.

XRP/USD 4-hour chart price analysis: Recent price developments

On a 4-hour Ripple price analysis, we can see that the sell-off has intensified in today’s trading session as the prices have declined below the $0.35 support level. The bears are now targeting a break below the $0.30 support level, which is a key level to watch.

Ripple price analysis
Ripple price analysis: 24-hour chart. Source: Trading View

Bollinger bands are starting to contract, indicating that the volatility is decreasing. This could lead to a breakout in either direction. The MACDipple price analysis: The MACD is bearish and is indicating that the sell-off may continue in the near term. The RSI is currently at 29, which is indicative of oversold conditions.

Ripple price analysis: conclusion

Ripple price analysis indicates that the prices are in a bearish trend with downward momentum. The $0.35 level should support the prices, which is important horizontal resistance. Ripple prices may test the $0.33 mark, which is also significant horizontal support in the market if they continue to fall.

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.

Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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