- Ripple price analysis shows price moved up 2 percent over the past 24 hours
- XRP reverses trend after a 19 percent correction
- $0.93 resistance will be an expectation if bulls can consolidate above $0.82
Ripple price analysis shows bullish signs today, as price notched up more than 2 percent to move as high as $0.81. The token has seen a welcome uptrend after yesterday’s 19 percent decline, taking price as low as $0.75. The downturn initiated market interest in XRP which has translated into today’s price action. Over the current trend, the $0.93 resistance is expected to be tested again if bulls can hold and consolidate price above $0.82. However, downward price action could reenforce a move towards $0.70.
The larger cryptocurrency market showed largely positive signs, as Bitcoin moved past $43,500 with a 1 percent increment. Ethereum also gained 2 percent to move up to $3,200, whereas leading Altcoins also consolidated with moves upwards. Cardano gained 3 percent to rise up to $1.09, with Dogecoin making a similar jump up to $0.15. Solana made a significant jump worth 5 percent to move up to $119 as Avalanche moved the same amount up to $88.32. Terra recorded the only big decrement in the market, losing 4 percent to move as low as $103.52.
Ripple price analysis: Bearish divergence dominant on daily chart
On the 24-hour candlestick chart for Ripple price analysis, price can be seen falling below the demand zone at $0.81 and below the 100-day simple moving average (SMA) at $0.80. The 25-day exponential moving average (EMA) is expected to be the next point of upturn for XRP at $0.807. However, yesterday’s decline can be seen taking a toll on the market valuation for Ripple as the relative strength index has gone down to 45.21 and continues to recede. Furthermore, the moving average convergence divergence (MACD) signal line formed a bearish divergence on March 31 and continues to follow it away from the neutral zone to present a largely bearish outlook for XRP at present.
Conversely, if price breaks the current decline and crosses resistance at $0.85, one can expect a retest of the $0.93 mark and the $1 point to be touched. Similarly, if it breaks out of the bottom and crosses support at $0.72, one can expect the second support level at $0.62 to be tested again.
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