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Ripple price analysis: Cryptocurrency value depreciates to $0.4675 after bearish spin

Ripple price analysis

The latest Ripple price analysis shows that the cryptocurrency has taken a hit and is currently trading at $0.4675. This is after it underwent a bearish spin that saw its value depreciate from $0.5069. The current level of support for XRP/USD is seen at $0.4598 while resistance is present at $0.5069.

The cryptocurrency had been on an uptrend in the past few days, however, this was short-lived as the bearish spin took over. The downtrend is likely to continue in the near term as the bears remain in control. The market capitalization for Ripple stands at $23.24 billion and the 24-hour trading volume is at $3.34 billion.

XRP/USD 1-day price chart: Bearish turn disrupts bullish rally as price draws back to $0.4675

The one-day Ripple price analysis shows that the cryptocurrency was on a bullish rally in the past few days, however, this was disrupted by a bearish spin. The price has drawn back to $0.4675 with a loss of 6.86% and is currently trading below the moving averages. The Moving Average (MA) is standing close to the current price as well as it is at the $0.449 level.

image 340
Ripple price analysis: 1-day chart. Source: Trading View

The Relative Strength Index (RSI) is at the 45.37 level and is indicating a neutral market. The higher and lower values of the Bollinger bands are settled at the following points; the upper value is at  $0.5069 which as of now is serving as the resistance and the lower value is at $0.4598 which currently is functioning as the support.

Ripple price analysis: Coin value degrades to $0.4675 after bearish slide

The four-hour Ripple price analysis supports the sellers as the price experienced a massive fall in the past few hours. This is because the bears have made a comeback and are striving hard to win back their lead. The selling momentum is heightening, which is why the coin value leveled down to $0.467. Because of the sudden bearish sweep in the past four hours, the price has gone below the moving average value, i.e., $0.4484.

image 341
Ripple price analysis: 4-hour chart. Source: Trading View

The RSI graph is also showing downward movement, as the score has gone close to the under-bought value as it is 46.51. The Bollinger bands are also giving a bearish sign as the lower value has gone below the candlesticks to form a bearish engulfing pattern.

Ripple price analysis conclusion

The above one-day and four-hour Ripple price analysis are going in favor of the bears today. The cryptocurrency faced a substantial amount of loss in the past 24 hours, as the price levels receded to the $0.4675 mark. The Bulls need to put up a good fight and conquer the $0.5069 level to take back their lead in the market.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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