Ripple price analysis: Price levels descend as XRP encounters bearish resistance at $0.5066

Ripple price analysis

The Ripple price analysis is bearish as selling pressure has built from the bearish side. The market followed the bullish trend for the last two days, and the coin gained significant value during this time, but a correction was due for continuing further upside later on. The conditions have changed as the bears have resisted further up move today, and the crypto pair has started a correction. Resistance for the move up was seen at $0.5066, and the pair is currently seeking support just below $0.474 levels.

The market started the day with a gap down as the bears took over from here. The Ripple prices fell to $0.4877 before buyers stepped in to push prices back up. The price is down by almost 0.39% on the day as the market is correcting from here. The 24-hour volume traded in the market is $2.78 billion, and the market cap for the coin stands at $24.41 billion.

XRP/USD 1-day price chart: price levels descend to $0.4877

The 1-day price chart for Ripple price analysis shows bears are defining the price curve today. The XRP/USD is correcting after the bullish recovery of yesterday. And today, the selling pressure has returned, and the trend is the same as the bears are defining the price function by bringing the price down. XRP/USD pair is trading hands at $0.4877 at the time of writing.

image 319
Source: Trading View

The moving average (MA) is standing at $0.436, and the XRP price is trading well below it. The Relative Strength Index (RSI) indicator is at 60.15 levels with no extremities, which shows that the market is currently indecisive and a breakout is required for further direction. The volatility for the given price chart of XRP/USD is on the lower side as the Bollinger bands are showing a narrow tunnel shape, with the Upper band at $0.5066 and the Lower band at $0.474.

Ripple price analysis 4-hour price chart: Price on downtrend again as bears intervene

The 4-hour price chart for Ripple price analysis shows the bears are maintaining their lead quite impressively, as the price has undergone a decrease today as well. The price is now trading at the $0.4877 level and is expected to go down from here soon. The short-term trending line is also moving downwards, which indicates a major bearish sign. The moving average in a 4-hour timeframe is at $0.494, and the XRP/USD pair is trading below it.

image 320
Source: Trading View

The Bollinger Bands on the 4-hour chart have been keeping their average at $0.494, with the Upper band at $0.537 and the Lower band at $0.491. The RSI has fallen near the centerline of the neutral zone at index 54, but the curve is slowly turning upwards as the buying activity resumes in the market.

Ripple price analysis conclusion

The Ripple price analysis shows that the coin is correcting today and may continue to follow a downtrend for today as the broader market is bearish as well. The support present at $0.474 is strong enough to keep the crypto afloat above, but if the support falters, then XRP/USD may roll down towards the $0.40 level.

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.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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