Ripple XRP price is going down hard in bearish grip

Ripple XRP price analysis shows that the Ripple (XRP) was moving with the momentum from Bitcoin that got BTC running upwards to ten thousand six hundred and ninety-seven dollars ($10,697).

XRP climbed above the 0.275 dollars mark in the frenzy and this resulted in the bulls making bolder moves to topple over the 0.2800 dollars resistance mark which failed.

The 0.2750 dollars mark has been the hundred (100) hourly moving average and the immediate resistance that XRP has to face before challenging the 0.28000 dollars territory. XRP tumbled down to the 0.2750 dollars mark again and not before long, 0.2720 dollars was what XRP was being traded for in the market.

Ripple XRP price going down

Ripple XRP price keeps above the 0.2650 dollars support as it trades for $0.26585 at the time of writing this article. With a twenty-four-hour volume that sums up to one billion dollars ($1,064,478,890). The market cap for the cryptocurrency is eleven billion dollars ($11,459,927,040).

Below the 0.2650 dollars mark, we have support at 0.2620 dollars. A major trend line with a bullish aura has engulfed the $0.270 mark. The fifty percent (50%) Fibonacci retracement level from 0.2667 low to 0.2805 high is 0.2735.

Ripple XRP price is going down hard in bearish grip 2Ripple XRP price chart by Trading View

The resistances wait for the bulls to make their move and save Ripple XRP price from the bearish fate that it currently seems destined to follow to the bottom of the pit of the market. 0.0720 dollars resistance will be the first hurdle that XRP encounters, followed by the 0.2740 dollars resistance mark close by. The major resistance lies at 0.2800 dollars after which XRP will be face to face with an old nemesis at 0.2900 dollars mark.

Ripple price is at 0.2580 dollars and the bottom and 0.2650 dollars acting as the cap for the range. This is where the price for the cryptocurrency will presumably consolidate if the bears are dominant despite all the efforts, the bulls put into their work.

Both the moving average convergence/divergence (MACD) and the relative strength index (RSI) are bearish with the RSI running below the fifty (50) mark and heading towards the one labeled thirty (30).