Ripple price analysis: XRP could decline 18 percent in latest dip

Ripple records 9x increase in ODL volume, with $408 million XRP sold in Q2

TL;DR Breakdown

  • Ripple price analysis shows price down 6 percent over past 24 hours
  • XRP currently sits at $0.30 and could fall as low as $0.25 on daily trade
  • Intraday trading volume dropped 24 percent to $1.48 billion

Ripple price analysis is turning bearish once again after a brief uptrend, as price shows a decline of more than 6 percent over the past 24 hours. Price currently sits at $0.308 after falling to $0.3028 earlier, and is showing potential to lower down to $0.25 by the end of the day’s trade. XRP price has largely been trending downwards since the start of June, but a brief uptrend saw a high of $0.3497 on June 15, 2022. Since then, sellers have again taken control, with trading volume falling more than 24 percent to $1.48 billion. In order to breakaway from the current bearish outlook, XRP will have to gain momentum to move past support at $0.335.

The larger cryptocurrency market depleted significantly over the past 24 hours, as Bitcoin lowered down to $19,300 with a 7 percent decline. Ethereum followed suit, staying just above the $1,000 mark after dropping more than 8 percent. Among major Altcoins, Cardano dropped 3 percent to $0.47, while Dogecoin shed 5 percent to move back down to $0.05. Solana also lowered 5 percent to $29.68, whereas Polkadot declined 6 percent to sit at $6.82 over the past 24 hours. Tron posted the sole uptrend in the Altcoin market, moving up to $0.06 with a minor increase.

Screenshot 2022 06 18 at 3.28.43 PM
Ripple price analysis: Cryptocurrency heat map. Source: Coin360

Ripple price analysis: 20 and 50-EMAs maintain bearish alignment on daily chart

On the 24-hour candlestick chart for Ripple price analysis, price can be seen forming a distinct downtrend after yesterday’s consolidation. An Evening Star pattern is appearing to indicate change of trend as XRP price hovers around the $0.30 mark. Price could lower towards the $0.25 support over the day’s trade with market valuation for Ripple facing a steep decline. The 24-hour Relative Strength Index (RSI)is moving deep into the oversold region at 31.14 while a 24 percent decline in trading volume suggests the same.

XRPUSDT 2022 06 18 18 06 33
Ripple price analysis: 24-hour chart. Source: Trading View

The crucial 20 and 50-day exponential moving averages (EMAs) also propose a bearish alignment, with the latter currently set at $0.3360. Any upward consolidation will have to breach this mark over the next 24 hours. Similarly, the moving average convergence divergence (MACD) curve shows formation of lower highs and could move further below the neutral zone with the current trend. Current support is set at $0.30 and then $0.25, whereas resistance for XRP is at $0.40.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

Related News

Hot Stories

Polkadot price analysis: Will the bulls succeed in breaking through the $6.24 resistance?
Tim Draper urges CEOs to hold crypto
Chainlink price analysis: LINK/USD is declining, as price approaches $7.16
How Can Blockchain and Crypto Green Initiatives Save the Planet from Self-Destruction?
How will Metaverse and Blockchain Tech Take Center Stage in 2023

Follow Us

Industry News

Tim Draper urges CEOs to hold crypto
First Republic Bank gets a lucky break from U.S. authorities
Custodia Bank denied membership by the Fed over crypto ties
Gisele Bundchen breaks silence on FTX collapse: Here is what she said
Weekly crypto price analysis 25/03: BTC, ETH, XRP, BNB, ADA, and SOL

Add Your Heading Text Here